Seniors Re-Evaluating Housing Needs

3/9/2010 10:11:04 PM #

The question of whether or not a homeowner can afford to “age in place” has become more common for the 50+ age group.  “Aging in Place” requires careful planning to accommodate physical, mental and psychological changes that may accompany the aging process.
Assuming the following conditions exist pertaining to this inquiry:  

1. The real estate is free and clear of any debt and/or any existing liens on the property are relatively small,
2. The home is in good condition and only in need of minor repairs
3. The homeowners are in good shape physically, mentally, and have adequate income.

Naturally, if any of the above is different than has been described, it changes the initial request and other issues may ensue.

If the homeowners are considering downsizing because the home is too large to maintain economically - climbing steps is becoming harder or the location prevents easy access to shopping – medical and other services, then a sale of the home should be considered and other lifestyle choices can be pursued.

But let’s assume the homeowners with limited income want to continue spending the remaining years in their home until some unforeseen circumstances occur, the following advice could apply:

a) If the home needs remodeled or updated, a reverse mortgage from a reputable lender should be considered (both parties must be 62 to qualify).  Otherwise, a home equity loan might suffice.

b) “The Aging in Place” process may require the services of a home safety expert who evaluates and makes specific recommendations as to what action must be taken to live safely in the home; such as installing hand bar railings, ramps for disabled/wheelchairs, lighting switches, door handles and other factors needed to “age in place”.

Also, one should consider consulting an elder care attorney in addressing problems related to asset protection.

Answer provided by: JJ Guida of Baby Boomers and Beyond Realty
724 947-4700
Contact them for free, unbiased assistance in making a decision about selling a home.

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