How to Make Your Home a Safe Haven in Retirement
June is designated as National Homeownership Month, shining a spotlight on the American dream of owning a home. The Department of Housing and Urban Development continues to focus on helping individuals and families purchase and maintain their homes while upholding its mission: to give everyone the chance to live with dignity, safety and hope wherever they call home.
This is especially important for 65- to 70-year-olds, who have the highest homeownership rate among all age groups at 78%. This demographic often faces increased health, safety and financial challenges as they age. Yet research shows that 77% of older adults want to remain at home as they grow older.
June is also National Safety Month, so there’s never been a better time to focus on home safety measures, big and small, for older homeowners to live comfortably and with peace of mind.
Take a proactive approach
Don’t wait until you fall or injure yourself to make necessary changes around your home. These easy tips can help protect your health and safety now.
- Ensure that stairways and steps are free of clutter and handrails are secure.
- Safeguard throw rugs with rubber backings or double-sided tape.
- Install adequate lighting around your front door and stairs.
- Make sure frequently used items are within easy reach, not stored on a high shelf.
- Add accessible seating, like an entryway bench, to make putting on/taking off shoes easier.
When a quick fix won’t cut it…
Not every potential safety hazard can be resolved with a quick repair. For example, you may need a more extensive home remodel to make your home work for you, such as:
- Widening doorways
- Moving the primary bedroom to the first floor
- Installing a walk-in shower
- Building an entry ramp
- Redesigning a kitchen
Unfortunately, it can be difficult for many older homeowners to afford a substantial investment in renovations. A reverse mortgage loan is a lesser-known financing option, offering a new source of funds to make critical home improvements and help fund your retirement.
A safe option to ensure home safety
Homeowners age 62+ collectively hold about $9.2 trillion in home equity. A reverse mortgage allows you to leverage that equity while retaining full ownership of your home with your name on the title. Funds may be accessed as a lump sum, monthly payments or a line of credit* that grows over time** for if and when you need it. As with any mortgage, you must meet loan obligations, including keeping current with property taxes, insurance, and maintenance
To learn more about reverse mortgage products, call Reverse Mortgage Funding (RMF) today at (888) 277-1567. A local loan specialist will be happy to meet with you and get your questions answered.
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 4.7-star / Excellent score on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.
*Borrowers who elect a fixed rate will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages. In certain states, RMF's EE loan provides a fixed-rate term payment option.
**If part of your loan is held in a line of credit upon which you may draw, then the unused portion of the line of credit will grow in size each month. The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan.