Your choice of living arrangement during retirement greatly influences various aspects of your life— from your comfort and safety to financial stability and social connections. While many seniors prefer to age in their long-term homes, others consider alternative living arrangements that better suit their evolving needs.

There isn’t a singular “best” option for everyone, as individual preferences and requirements differ. It’s crucial to carefully consider what matters most to you in this phase of life among the wide spectrum of available living choices.

Aging at Home

A significant majority of older adults express a desire to remain in their familiar homes and communities for as long as possible, as highlighted by a recent AARP study.

The advantages of aging in place include:

• Comfort of familiar surroundings
• Proximity to family members
• Familiarity with neighborhoods and neighbors
• Social engagement within the community
• Affordability
• Ability to maintain independence

Aging in place doesn’t imply managing everything alone. Seeking assistance from family, friends, and aging-in-place services becomes essential. These services, like meal delivery or home-care assistance, may or may not be covered by health plans or government benefits. However, aging in place requires careful planning for future needs.

Home Modifications

For those aiming to age in place, adapting the home to long-term care needs is crucial. Professional assessments by occupational therapists can help identify necessary modifications for enhancing accessibility and safety. Common modifications include:

• Widening doorways for easier navigation, especially with mobility aids like walkers or wheelchairs.
• Installing ramps, both indoors and outdoors, to prevent falls and accommodate wheelchair use.
• Bathroom modifications, such as replacing tubs with walk-in showers and adding safety features like grab bars, to prevent slips.
• Kitchen adjustments to enhance usability and safety, like lowering countertops for easier access.

Long-Term Care

For most seniors, the eventual need for some form of in-home or long-term care is a reality. While aging in place tends to be cost-effective initially, specialized care at home can lead to significant expenses. For instance, the median annual cost of a home health aide is $61,776 nationwide.

Leveraging Home Equity

Seniors who own homes and have accrued equity might explore using it to support aging in place. Home equity release products, like the HECM (Home Equity Conversion Mortgage) loan, enable access to accumulated equity while retaining homeownership. This FHA-insured reverse mortgage allows borrowers aged 62 and older to tap into home equity as cash or a line of credit without immediate repayment obligations.

Exploring Alternatives

Apart from aging at home, several alternative living options cater to various needs and preferences:

• Moving in with adult children for affordability and companionship.
• Downsizing to a more suitable, smaller residence, potentially reducing expenses and maintenance.
• Independent living communities providing a low-stress, amenity-rich lifestyle for those not needing daily assistance.
• 55+ Active Adult Communities fostering social engagement and offering various amenities.
• Assisted living communities catering to individuals needing some daily assistance but not extensive medical care.
• Nursing homes providing personalized medical care for those requiring close supervision and daily assistance.
• Continuing-Care Retirement Communities accommodating changing needs as seniors age.
• Specialized facilities like memory care for specific challenges such as dementia.

The choice of housing in later years significantly impacts your lifestyle. Understanding the available options and aligning them with your needs and aspirations is crucial. At Fairway, we provide diverse mortgage solutions, including reverse mortgage loans, to assist in achieving the retirement housing lifestyle you desire. Reach out to us today to explore further.