"Aging in place" is a term used to describe the goal of living in the residence of your choice for as long as you can. This includes planning for how to pay for services and support the homeowner may need over time. It’s about maintaining independence, comfort and quality of life by planning for cash flow needs and making modifications to the home.

Here are some important “aging in place” things to consider:

• Safety & Accessibility: The home should be modified to accommodate the needs of the homeowner as they age. This could include adding ramps, widening doorways and installing handrails, grab bars and non-slip floors.
• Household Maintenance: Seniors may need help in maintaining their home and gardens.
• Financial Considerations: Aging in place might require onboard services like a nurse or a housekeeper. Therefore, the financial aspect of these services should be considered.
• Technology: Devices like medical alert systems, home security systems and entertainment technology can improve the quality of life of seniors.
• Comfort: This is both physical (like proper heating and cooling) and emotional (feeling safe and secure in the home).
• Emergency Preparedness: Seniors should be prepared for emergencies such as power outages, falls, medical emergencies, etc. This can include having a way to communicate with emergency services and easy access to exits.

At Movement Mortgage, we have an entire division designed to assist older homeowners with their “aging in place” needs and desires. We call these specialists Retirement Mortgage Professionals, or RMPs.
 

For some homeowners, the RMP will look at refinancing out of a traditional mortgage and into one without a required monthly principal and interest mortgage payment. For others, the current home may not be the right fit for “aging in place.” In these cases, the RMP can discuss the merits of rightsizing, upsizing or otherwise relocating to a house that meets their long-term needs.

As a reverse mortgage lender, Movement Mortgage can often use a Home Equity Conversion Mortgage (HECM) to assist with living expenses, healthcare costs, home modifications or repairs and more. A reverse mortgage can assist with aging in place by providing the necessary funds to maintain the home, pay for in-home care services, make the home more accessible or handle any other expenses related to staying in the home as the homeowner ages.

Keep in mind that with a reverse mortgage, the homeowner is not required to make a monthly principal and interest mortgage payment, although they are still responsible for property taxes, homeowner's insurance and home maintenance. Paying for these items should be part of a comprehensive financial plan.*

*Qualification is required. Additional restrictions apply. Reach out to a loan officer for more information.