Secure at Home With the Help of Reverse Mortgages
Reverse mortgage proceeds can help make your home a secure environment
An interesting concept that is getting a lot of attention by our aging population is the conversion of their homes into safer environments. It’s just part of a larger movement to help people age in place. This is a more desirable choice for most aging Americans versus moving to assisted living facilities or in with other family members. Staying in one’s own home offers a sense of security and control. Most people are hesitant to give up those things.
There are many renovations and products available for safety conversions. Examples include raised dishwashers and lowered cupboards, curbless showers, slip resistant floor tile, combining full and half baths to create one large bath with easier access, or possibly turning an unused bedroom into a bath and laundry combination. There are accessibility specialists to give advice on design and equipment needed to make these changes and maintain independent living.
Certainly, there will be costs associated with these improvements, as there would be for any significant change in one’s home. Financing them may not be as difficult as might be imagined. One option could be a reverse mortgage, which enables homeowners over 62 to convert a portion of their home equity into tax-free cash. This cash can be used for streamlining one’s home for safety without requiring a monthly payment. The loan does not become due and payable until the borrower permanently moves out of the home.
For more information on reverse mortgages in the Denver area, check with Karen Barton, a reverse mortgage consultant with Wells Fargo.
Gerri Tyber
Operations Manager, Barton Home Care