Your home is your pride and joy. You worked tirelessly to afford it and put your all into its care once you did. You and your family have made countless memories there, and each piece of furniture and décor has a story. Knowing all of this, how could anybody suggest that you leave? You are not alone – many retirees wish to stay in their home rather than make the move to a retirement home or a family member’s house. In fact, according to a study published by the American Association for Retired Persons (AARP), “76% of adults aged 50 and older want to remain in their current homes as they age.”
Fortunately, by taking the right steps, you can do just that thanks to the help of a concept known as “aging in place.” This term simply means that you have chosen to reside in your own home instead of transitioning to a senior living solution like an assisted living or a skilled nursing community. However, as the concept grows in popularity, so too do the resources available to make it a reality. Here are five tips for successfully aging in place.
1. Plan for Support.
Thinking ahead is an important part of safely and successfully staying in your home. You may be perfectly self-sufficient now, but that may not always be the case. Make a plan for what you will do when and if you start to require additional support. Can your family help or will you need professional in-home care?
2. Cover All Your Bases.
When envisioning a successful aging-in-place process, be sure to consider all of the factors for which a plan will be needed. These may include the activities of daily living (grooming, dressing, bathing, etc.), home maintenance and chores, shopping, cooking, and managing money.
3. Consider Your Long-Term Health.
Healthcare costs are among the biggest expenses of retirement. If you or your spouse currently have any illnesses, such as diabetes or emphysema, have a conversation with your doctor, Ask what these conditions might look like a few years down the road and how they would affect aging in place.
4. Avoid Isolation.
Isolation is a leading issue among seniors as it can lead to issues with physical and mental health. Will your friends and family be nearby? If not, consider getting involved in your community in other ways, for example by joining a local senior center or volunteering at local nonprofits.
5. Plan Your Finances.
Financial stability is necessary for aging in place, especially as you may need to hire in-home senior care and pay for other services like transportation and grocery delivery. Reverse Mortgages are a great source of supplemental income. They are also a perfect match with aging in place because they require the policyholder to reside in their current house.
Learn About the Advantages of a Reverse Mortgage
Would you like to learn more about how a Reverse Mortgage can help you successfully age in place? Contact Retirement Home Equity Advisors today. We are a team of licensed specialists located in Gilbert, Arizona serving senior homeowners throughout the States of Arizona, California, and Colorado. We can help you strategically leverage your home equity to decrease risk and improve financial stability throughout your retirement.
Recent Comments