Staying
in your home as you get older or right-sizing to a better place to live
By Larry Stoller
Like most Americans, as you grow older, you
probably want to stay in your home for as long as you can. And living the good
life, here in beautiful Bluffton, you may never want to leave.
However, as life goes on, it may become
harder to do all the house chores on your own. Or, the costs to obtain help may
become too much of a burden.
Older Americans often think of their home as
a nest egg. They may decide to use their home equity to get some extra
money. Home equity is the difference
between the appraised value of your home and what you owe on any mortgages.
Did you know that a Reverse Mortgage is one
way that you can convert a portion of your home equity into cash and allow you
to continue to live in your home for as long as you want with no monthly
payments required? For more information,
talk to your attorney, accountant, or meet with a local reverse mortgage
expert.
However, is that the best way to use the
equity in your home? It might be, but it
is a decision that you should consider carefully. Maybe it’s better to right
size, sell your home and buy a home that
is better suited to your specific needs, or think about an independent living
type of arrangement.
If you are planning to remain in your home,
as abilities diminish as part of the aging process, assistance and/or changes
may be needed to maintain your independence and safety at home. You may want to consider consulting with an
occupational therapist to obtain recommendations that are specific to your
needs, skills, environment, and budget.
On the other hand, if you are thinking about
right-sizing, there are a number of local real estate agents who are very
familiar with all the home ownership options that are available here in our
Lowcountry Paradise. Some of these agents may have special designations and
valuable experience in working with seniors.
If you just want additional information, a great resource is the
National Council On Aging (their website is www.ncoa.org). Others include: www.eldercare.aci.gov, www.benefitscheckup.org, www.homemods.org, www.caregiver.org, and www.reversemortgage.org.
Larry Stoller is a local Broker and Realtor with Real Estate FIVE
of the Low Country. He may be contacted at: Larry@RealEstateFive.com, www.RealEstateFive.com.