A Reverse Mortgage Can Help Seniors Stay At Home

2/02/2009

posted by N. Sioris

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Aging in their own homes is what most senior citizens desire. William Novelli, the CEO of AARP said "Seniors want to live well and they want to live comfortably and they want to live in familiar surroundings." A reverse mortgage is one way that some seniors have been able to continue living in their own homes on their own terms.

With the current financial crisis hitting every city and every state, many government programs and agencies aimed at overseeing nursing homes and assisted living facilities to make sure elder abuse is not occurring have either lost funding all together or have had their funds cut drastically.

Consequently, aging in place in their own homes is becoming not only the preferred choice for seniors but the most desirable from a government funding point of view also. Instead of looking to family or the government for care-giving assistance, most people would prefer to take care of themselves.

Many seniors are using the proceeds of a reverse mortgage to make the necessary safety improvements to their homes, in order to be able to safely remain living independently. Home modifications and aids can be as simple as grab bars and elevated dishwashers to the more complicated like walk-in bathtubs, wheelchair ramps and motorized scooters.

Age and home equity are the primary keys to successfully being able to obtain a reverse mortgage. With enough equity, usually about 40 to 50 percent, seniors can stay in their home indefinitely - without any repayment of the reverse mortgage loan.

See if you qualify for a reverse mortgage today!