Aging in place allows you to sustain a connection to your community. You’ll need to invest in renovating your home to improve accessibility and consider local in-home care services. Fortunately, you have many options for financing aging in place, including personal loans, home equity products, and grants for low-income older adults. Many of the costs are also tax deductible, and some states offer tax credits for home modifications.

What Are the Best Financing Options?

In order to remain in your home as you age without an increased risk of injury, you may need to make 澳洲幸运5官方开奖结果体彩网:home improvements to ensure your home is safe and secure. This may involve adding ramps, handrails, grab bars, and non-slip flooring, along with updating your security system. You may also want to install a bathroom on the main floor, so you can live primarily on the𒈔 ground floor, or add an extra bedroom or dwelling unit for a family member or caregiver.

Keep in mind that any home improvements you make for medical purposes are entirely 澳洲幸运5官方开奖结果体彩网:tax deductible if they don’t increase your home’s value. Additionally, a growing number of states offer 澳洲幸运5官方开奖结果体彩网:tax credits to residents who make home modifications for the purpose of aging in place, including Colorado and Virginia. Multiple nonprofit organizations also are also able to provide no-cost home modifications for low-income seniors thanks to grants from the United States Department of Housing and Urban Development.

On top of improving your home’s accessibility, you’ll want to consider the cost of home services, such as landscaping and meal delivery, in addition to in-home care (should you need it). A flexible 澳洲幸运5官方开奖结果体彩网:long-term care (LTC) insurance policy may help with these costs. If you’re a veteran, the U.S. Department of Veterans Affairs may pay for a home health aide.

𓃲 If you need to borrow money to support aging in place, 𓆏some of the best financing options include:

• Home equity loans and HELOCs: 澳洲幸运5官方开奖结果体彩网:Second mortgages that allow you to borrow from your 澳洲幸运5官方开奖结果体彩网:home equity, and they offer low rates and high borrowing limits but come with upfront fees and a risk of 澳洲幸运5官方开奖结果体彩网:foreclosure if you default
• 澳洲幸运5官方开奖结果体彩网:Reverse mortgage: A loan for homeowners aged 62 and older that doesn’t require monthly payments but must be repaid when you no longer live in the home
• 澳洲幸运5官方开奖结果体彩网:Home equity agreement: A contract with an investor that allows you to tap your home equity without taking on any debt but requires you to give up a portion of your home’s future equity or appreciation in exchange
• 澳洲幸运5官方开奖结果体彩网:Personal loans: Lump sum loans that you repay in fixed monthly installments—you can use these funds to remodel your home or pay for health care and other services without having to put your home down as 澳洲幸运5官方开奖结果体彩网:collateral, but you may pay a higher interest rate

Advantages and Challenges of Renovating to Age in🌺 Place

Staying in your home through your later years has many benefits, including:

• Maintaining a sense of autonomy in a familiar and comfortable environment
• Staying connected to your friends and community
• Potential cost savings when compared to relocating to a senior living facility

However, before you decide to age in place, consider the following:

• Can I continue to afford to maintain and pay 澳洲幸运5官方开奖结果体彩网:property taxes for my current home?
• What transportation options will be available in my community when I can no longer drive?
• Are friends and family nearby who can visit me in my current home, or are there recreational activities for people my age in the neighborhood?
• Is my neighborhood safe and does it offer opportunities for exercise?
• Can I afford to improve my home so that it’s safe and accessible?

The Bottom Line

If you live in the right community, you may find that it’s more comfortable and less costly to age in placꦛe, even if you need to modify your home. Tax deductions, tax credits, and grants may reduce the cost of home improvements, and there are also several ways to finance aging in place, so you can choose the option that best fits your financial situation.