There’s No Place Like Home: 5 Ways to Help Make Aging in Place a Reality
You’ve very likely heard the expression, “home is where the heart is.” It’s also where the majority of retirees hope to spend their retirement years.
Sixty-five percent of Americans share the common goal of aging in place. But only 33% believe it’s attainable, according to the Aging in Place in America study.
Here are aging Americans’ biggest concerns, according to the report — and some steps you or your loved ones can take to allay their fears.
Nineteen percent of Americans reported they would feel alone.
Build a social network. If you’re living away from close family or friends, it’s important to create a local support system. Find like-minded individuals through the activities you like to do. Join a book club, take a class at your community center, get a part-time job or even adopt a new pet for the benefits of expanding your social circle.
Twenty-four percent feel that their home is not suitable for older residents.
Make home modifications. Think about what you can do to create a safer living environment as you age. Do showers and tubs have handrails for extra support? Is there adequate lighting around the front door? Is it feasible to relocate the primary bedroom to the first floor? To age in place, think about how your needs may change as you grow older, and how your home can be adapted.
Forty-three percent fear a lack of purpose and direction.
Delve back into or develop new hobbies. To age healthily and happily, it’s important to pursue interests and activities that bring you joy and a sense of accomplishment. Whether it’s getting involved in your community, gardening, yoga or playing chess, immerse yourself in activities that challenge and reward you.
Thirty-eight percent have difficulty keeping up with home maintenance.
Have a plan for home upkeep. Sometimes household chores like shoveling snow, mowing the lawn or even dusting baseboards and high ceilings can become more challenging as we age. Line up help that you can count on when tasks become too much to handle on your own.
Twenty-nine percent worry they won’t have enough money to age in place.
Consider a reverse mortgage loan. If you’re living independently on a fixed retirement income, you never know what the future may bring. For qualified borrowers, a reverse mortgage leverages the home equity you’ve built up over the years — all while you continue to live in and own your home*. The funds can be accessed as a lump sum, monthly payments or a standby line of credit that’s available if and when you need it**. Best of all, you can use the money as you wish to pay for health-related expenses, make home modifications, supplement your retirement income, fund a new hobby or even travel the world.
Live your retirement on your own terms — in your own home
Worried about how you’ll finance your retirement and have the means to age in place? You’re not alone. Learn about the benefits of a reverse mortgage from Reverse Mortgage Funding (RMF). Call us today at (888) 277-1567 to schedule a free, in-person appointment with a loan specialist in your area. We look forward to getting your questions answered and helping you determine if it’s the right tool for you.
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.
*As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance and keeping your home in good condition.
** Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable-rate mortgages.