Just read in a magazine AO50 (Active Over 50) that 87% of adults over the age of 65 want to stay in their current home and community as they age. 70+% of adults between 50 and 64 years old want to age in their home. To me it makes sense to consider a Reverse Mortgage for many of these people but there are things other than financial that these adults should consider as well.
I recommend frequent home inspections because unless we have sufficient funds and ability to repair things or are blessed with young people around who can fix and repair things there can be hidden potential problems and it is a good idea to know about these things and repair them while the damage is still small. Roofs and pipes and electrical wires wear out. It is just a good idea to get an inspection and repair as many things as possible. Some communities have programs to help Seniors with home repairs and improvements.
Transportation: For most of us the drivers license will disappear eventually and many elderly do not feel comfortable with public transportation. They should discuss with younger family members and learn how to get around safely. In the Bay Area we have a program called Outreach which is inexpensive for seniors and those with disabilities; and now we have programs such as Uber. ( I have never used Uber but hear good things about it)
Communication: Here it comes. There are Seniors who still resist cell phones and computers but a cell phone and computer can be used for safety and to keep in touch with the world. Living alone is Lonely. If family is near it is good to spend as much time as possible with kids and grand kids. There are the Senior Centers which help keep people active.
Home Modifications. Check before the retirement years to make sure the home is safe and does not have too many steps or trip hazzards.
Most Seniors want to remain in their home; reasons for moving can be health, getting close to family, and finances. Moving when one is older can be a really stressful event. Our population is aging and I am confident that new programs will be developed to help Seniors remain comfortable in their own home.
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