What is “Aging in Place?”

What is “aging in place?”

You hear this phrase so often, but do you really know what it really means? “Aging in place” has been defined as a movement encouraging and supporting the ability of seniors living comfortably and independently in their homes.

As individuals get older, they begin to face physical challenges that may hinder them from living home alone. However, many seniors would prefer the comfort and privacy of their own home over a nursing home or assisted living alternative.

If you are choosing to age in place, here are some things you may have to  consider the following:

• If there are renovations that need to be done in your home, if any.

• What type of assistance are you looking for/is right for you.

• What your health care choices are.

• What will happen during life events, such as illness, finances, etc.

• What your plans for retirement are.

Whatever choice you make – whether you want to continue to live in your home or if you want to move to an assisted living facility, there is still financial preparedness involved.

A reverse mortgage is a great tool for seniors to find the financial independence that they need to be able to age comfortably in their homes. With a reverse mortgage, seniors are able to receive money from the lender without being required to pay them back until the last borrower leaves the home permanently. A reverse mortgage can be the answer to help improve the quality of life for a senior.

Reverse mortgages do not have any restrictions on how the borrower can use it – including the ability to renovate the home to accommodate any physical restrictions, to help assist paying in medical expenses, as well help finance for in-home care assistance.

To learn more about reverse mortgages and how it can benefit you – speak with a Senior Advisor today at 1-888-QUALIFY.

Image courtesy of [Witthaya Phonsawat] / FreeDigitalPhotos.net