Home Modifications - Popular Use For Reverse Mortgages

5/22/2008

posted by N. Sioris

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According to AARP, 89% of seniors prefer to remain in their own homes as they age. Over 60% of seniors live in homes that are more than 20 years old. In order to safely "age in place" a home may need modifications that will make it easier and safer for daily activities like bathing, cooking or climbing stairs.


Reverse mortgages have become a popular way for seniors to finance home modifications, so that they can continue to live independently. Home modifications prevent accidents such as falls. One third to one half of home accidents can be prevented with modifications and repairs. The modifications can range from installation of bath and shower grab bars, counter-top height adjustments, first floor master bedroom suites to installation of private elevators.

A reverse mortgage is an ideal way to finance the cost of home modifications and repairs because of the flexibility of the options that borrowers have for receiving the loan proceeds. You can take a lump sum, a line of credit, a monthly supplement or any combination of these.

To see how much money you are able to receive from a reverse mortgage use the free reverse mortgage calculator here.

Selecting a remodeling contractor should be done very carefully. The National Association of Home Builders is an excellent place to start. They can be contacted at 1-800-368-5252 or through their website: NAHB

Other resources include your local builder's association, the Better Business Bureau and the Federal Trade Commission.