Helping Seniors Claim Their Independence, Part 2

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It’s almost Independence Day, a much-loved holiday — no doubt because Americans are so fiercely proud of their independence, both personally and collectively. From the time we’re toddlers, we want to DIY. We respond with a resounding “No!” to parental requests (which continues into adulthood), eventually graduate from secondary school, and either go off to college or get a job. Finally we move into a home of our own and sigh with relief: we’re independent! We now have a mortgage to pay off, of course, but at least the bank isn’t quite as restrictive as mom or dad (so we assume).

But then we grow older, and as the need for assistance increases with age, independence again becomes a questionable commodity. As our national July 4th celebration approaches, it’s an opportune moment to discuss how seniors can maintain the independence they cherish, with a reverse mortgage.

How does a reverse mortgage help seniors claim their independence?

• It allows them to remain in the home and community they may have lived in for decades, rather than move in with their children, which can lead to feeling like a burden or intrusion in their lives;
• It provides a nest egg for future healthcare needs, because every penny is no longer tied to mortgage payments. A reverse mortgage may mean a smaller inheritance for their offspring, but most kids would agree that mom’s or dad’s needs come first! After all, it’s their house, and very likely the one in which they raised those same children;
• It enables seniors to “age in place” with the use of community resources, such as in-home assistance ranging from companions to live-in home health aids to skilled nursing visits, and home modification, which can include something as simple as installing grab bars in the shower or a wheelchair ramp, to a more accessible kitchen remodel and stair lifts for hauling groceries, laundry — or people.

Home holds deep meaning for most of us, the more so as we grow older and endure losses due to retirement, death and distance. If we can assist qualified seniors to stay independent by remaining in their own home as long as practical through a reverse mortgage, we’re truly serving their needs.