Using a Reverse Mortgage to Purchase a Home Built for Aging

Aging in place is a goal for the majority of American retirees. But for many, that goal can be problematic due to unfriendly home design for aging. You may love your home, but multiple stories and stairs, lots of required maintenance and difficult access can all be reasons to make you think about packing up and moving. And there are others, too.

In recent years, architects and designers have been highly focused on home features that make aging in place much easier. Why live in a place that makes your life more difficult?

An age-friendly home may be more within reach than you think. With a Home Equity Conversion Mortgage (HECM) for Purchase, borrowers are able to buy a new home and get a reverse mortgage at the same time—allowing them to age in place in a home that is equipped, but does not present a new financial burden.

Some features to consider as you seek an age-friendly home:

  • Handles and doorknobs: Look for hardware that is easy to grab, including light switches and faucets.
  • Floor surface: Slippery surfaces like tiles and slick wood finishes can be hazardous. Consider low carpeting and/or slip-resistant add-ons for bathrooms and kitchens.
  • Stairs: A single story is preferable to multiple stairs for accessing bedrooms and/or main living areas.
  • Lighting: Age-friendly homes will include multiple lighting options for safety. This includes hallways and entryways.
  • Bathrooms: Grab bars may be the obvious feature to equip a bathroom for aging, but consider the shower entry, as well to ensure it’s easily accessible to someone who has limited mobility.

If you have identified a home you’d like to purchase that is more equipped to help you age in place, a reverse mortgage for purchase can help you get a reverse mortgage and eliminate your mortgage payments on the new home in one transaction.

Learn More About Purchasing a home with a Reverse Mortgage Here.

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