Aging In Place With Reverse Mortgage

Aging in Place with a Reverse Mortgage

A reverse mortgage helps seniors who own their home to access the equity they have built up over the years. If you meet certain reverse mortgage eligibility requirements, you may be able to benefit and add a reverse mortgage to your financial strategy for aging in place.

Some of the main considerations to make when planning your retirement are financial and health related. These two intersect when it comes to aging in place. You need to make sure that you can live a healthy lifestyle in a safe home that caters to your mobility. In some cases, this may mean buying a different home from the one you have lived in most of your life. In this case, a reverse mortgage purchase loan would enable you to leave your existing home for one better suited to getting older without creating another mortgage for you.

Additionally, you will need to account for medical care and expenses regardless of whether or not you are in an assisted living home. Medical bills can come out of nowhere, and most conventional lines of credit will not simply stay open and wait for you to use them. A reverse mortgage can give you a line of credit that stays open until you use the maximum equity in your home or move away. This helps you afford aging in place even if you encounter surprising medical bills.

It is also worth noting that even a home well suited to your retirement may need repairs or improvements such as ramps or a bathroom remodel as you age. Like medical bills, it may be hard to secure a line of credit that can stay open long enough for you to be prepared to make these changes. Additionally, after that, you have to make monthly payments to pay off most loans. However, a reverse mortgage is only due when you leave your home or the last borrower passes away. This is another way a reverse mortgage can help with aging in place.

Contact Us to Learn More Tips to Help with Aging in Place

Aging in place can help you feel independent and happy in retirement as you maintain your freedom and remain comfortable in your home. However, this lifestyle choice can come with some unexpected expenses, so it is important to prepare and plan financially. In California, contact us at Citizens Lending Group to learn more about reverse mortgage requirements and how a reverse mortgage may be able to help you age in place during your retirement.