A recent study found that the majority of seniors intend to remain in their home for retirement and for those homes that are appropriate, many seniors are planning on staying indefinitely. Simple changes to one’s home can make a living environment more comfortable and safe for older adults as they age. Some of the things that make a home more comfortable for aging-in-place are:
Installing a shower stall or seat
Installing grab bars
Installing walking ramps
Installing medical response devices
While most of us recognize these needs, a major concern is how do we pay for them? Now seniors can turn the equity in their homes into tax-free cash! The Reverse Mortgage is a loan that allows you take equity out of your home and live in it for the rest of your life. Like a home equity loan, you get the money to use any way you wish, you don’t loose control of you home but unlike a home equity loan, there are no monthly mortgage payments during the life of the loan. You don’t pay back a Reverse Mortgage, if you don’t want to, until you move out of your home, sell it or pass away. Only then must the loan be repaid. Seniors use Reverse Mortgages for a variety of needs.
