Aging In Place and Reverse Mortgages

If you've read some of my posts before, you probably know that my parents got a reverse mortgage about 7 years ago.  They were able to payoff debts and set up a line of credit for future use.  Well, the future reared it's ugly head this past year and having that line of credit has come in handy.

Fisrt, my mom developed a pinched nerve in her back that is very painful. Walking upstairs to her bedroom is a dreaded chore.  My dad's knees are basically shot and it is not safe for him to go down the stairs.  He's good going up, and she's good going down... but that doesn't work out to well for them.  Answer?  They purchased a stair lift with funds from their reverse mortgage line of credit.  They had it installed on the rear set of stairs.  Now they can ride in safety and comfort up or down.  

Secondly, they had to deal with a persistent roof leak.  They have an addition on their home that expands the first floor and adds a lovely deck upstairs.  However beautiful, flat roofs have a tendency to leak and leak theirs did, requiring repairs every year.   Each winter during the rainy season the ceiling would leak yet again, in a different place from the prior years repair.

My folks decided that enough was enough and used their reverse mortgage line of credit to add on a sunroom to the upstairs deck.  This added a lovely, warm winter hideaway that they could enjoy thier lake view from as well as the added bonus of a new sloped roof over the addition. Voila! No more leaks. 

All in all the reverse mortgage has made my folks more able to handle the emergencies that life throws at them, and has allowed them to keep their home in good repair and to make changes and adjustments that will allow them to stay in their home for life.