5 Benefits of Aging in Place
5 Benefits of Aging in Place
Baby Boomers are starting to realize that their retirement may not be as safe as they once thought it would be. With the pandemic still fresh in everyone’s minds, baby boomers do not want to go to nursing homes. They want to age in place.
Aging in Place Costs Less. Nursing homes and assisted living facilities are expensive. nursing home care for one person can quite literally cost more than the combined income of a married working couple in the prime of their lives. Average costs for assisted living are half of a nursing home’s cost, at $3,628 a month. That is still over $43,000 a year.*
Aging in Place is More Comfortable. There is no place like home. Your favorite chair, your mattress instead of a hospital bed, the space you are accustomed to, the temperature, the smells, just the familiarity of the space, all go towards the comfort of staying in your own home. Also, in a nursing home, there is a real chance seniors will have to deal with a roommate not of their choosing in a semi-private situation. Aging in place offers the comfort of privacy that just is not available in many live-in facilities.*
Aging in Place Helps Slow the Advancement of Memory Loss. Loss of memory is a scary prospect for many as they age and being moved into an unfamiliar environment, particularly an institutional environment, can worsen the progression of memory loss. Because of the increased social network connections and being able to keep your current social network that comes with staying in your community, a decrease in cognitive function can be slowed. *
Aging in Place Strengthens Your Social Network. Aging in place allows seniors to keep their current social network and expand upon it. It not only allows seniors to stay near current friends, but it gives them the freedom to host social events if they prefer.*
Self Determination. You have spent the majority of your life working so retirement should be about doing what you want. Staying at home allows seniors to be more independent and make their own decisions on a variety of topics. Aging in place allows you to maintain control over your environment as well. Remodeling, repainting, rearranging furniture, redecorating, or even controlling the thermostat are things that might not be possible in other living situations.*
*Updated: March 15, 2023/ By:?Jonathan Trout/Jeff Smith/Retirement Living
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Your backup plan for unexpected medical bills and expensive insurance
Aging independently in your own home is a priority, allowing you freedom and flexibility. But the realities of aging often mean extra expenses if you want to do so.
By unlocking your home equity with a reverse mortgage, you can fund future in-home care, pay the premiums on your existing insurance policy, or cover surprise medical costs. It can also be a tool for you to make safety and accessibility adjustments to your home that allow you to maintain maximum independence as you age.
We want you to feel secure about the future. Which is why we are here to help guide you through your retirement journey.
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This material is not from HUD or FHA and has not been approved by HUD or any government agency.
The reverse mortgage borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid.
When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise, the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid. This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data are subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states. Must be primary residence, loan becomes due and payable upon last borrower leaves the home. To keep loan in good standing Borrowers must stay current on property taxes, insurance, maintenance, HOA dues if applicable. AZ BK0018295 | Wallick & Volk, Inc. NMLS #2973.