Tri-Valley Mortgage News

Lately it seems much has been written about the aging Baby-Boomer population's desire to remain independent and living at home for as long as possible. There are several improvements that can be made to homes to accommodate a dwelling where seniors reside for both safety and comfort's sake. In fact, the AARP and the National Association of Home Builders reports that the aging population will have the second biggest impact on the remodeling industry over the next five years.

Here are some top improvements that will ensure a safe and secure home for the elderly:

• Levered door handles.
• An intercom doorbell system so that seniors do not feel rushed to answer the door which can result in falls.
• Moving or adding on a master bedroom and bathroom on the first floor of a two story house.
• Security system with connection to fire/police.
• Handrails on both sides of stairs for two story houses and handrails on all outside stairways.
• Widened doorways and ramps for wheelchair accommodation.
• Lowered upper cabinets for easier accessibility and varied height countertops.
• Grab bars in showers/tubs with removable shower heads.
• Low maintenance exterior materials such as vinyl or brick.
• Slip-resistant flooring surfaces and low-pile carpeting.

These are just some of the many ways a home can be remodeled to accommodate senior living. One large looming question in response to this list is: how to finance these improvements without draining the homeowner's savings? A popular financing option has been for seniors to obtain a Reverse Mortgage. Although the reverse mortgage is not always the best option it can certainly facilitate a better life for those who choose the product.  A Reverse Mortgage can now even be used to purchase a new residence!

A Reverse Mortgage, or HECM (Home Equity Conversion Mortgage), lets homeowners 62 and over dip into their existing equity without having to make monthly mortgage payments which can help finance a home renovation. The homeowner has a choice of either taking a lump sum at closing, establishing a line of credit or getting monthly payments to supplement their current income. The first two choices are the usual methods seniors choose to help pay for major home expenses.  Want to learn a little more about the program?  You can go here and peruse the many facets and explore your personal options.

Many seniors wish to remain in their own home for as long as possible and, now more than ever, there are physical and financial avenues to help accomplish this. We have facilitated many reverse mortgages and would be happy to help you explore your options. Contact us any time for a free consultation at 925-964-1213.