It should not come as any surprise, but seniors do not want to leave their homes and live in a “retirement” community or assisted living. Think about it for a moment. What would you want to do? You have a home, one that you’ve probably enjoyed for many years, it’s familiar to you and filled with memories, plus you’re attached to the area and you don’t want to move into a single room when you have an entire house that is yours and you probably don’t want to be living with strangers.
Continuing to live in their own home has become more of a viable option for seniors than it was in the past, due to funds from Reverse loans and the many services that are now offered to the senior community which enable them to maintain their independence and stay at home.
In the past services that were available to seniors still living in their homes was limited. But now there are many choices to help them with whatever they may need to make life more comfortable and allow them the ability to remain in their home if that is their wish without resorting to giving up and moving out.
A recent survey that was conducted by Home Safety Council, found that the majority of older people wanted to remain in their homes. With the average cost of an assisted living facility at $34,000 annually but more realistically topping out at $70,000, it becomes obvious that remaining in place, aging in place and not moving is the best choice.
The costs of these communities are so expensive that unless the senior has an enormous pocket and I hate to say this, doesn’t outlive their funds, then remaining in their own home is the more intelligent choice when managing the costs of aging.
With the funds from a Reverse loan it now makes it possible for a senior to manage their life on their terms and live independently and enjoy their familiar surroundings and not be a burden to their adult children.
The funds can be used for any purpose and aren’t restricted by any guidelines, so the homeowner can use their money freely in whatever fashion they may choose, such a care giving services or medical expenses.
The best environment to live and age in, is the one that you are most familiar with and unless a senior has severe dementia, and needs constant care, then remaining at home is in most cases is the best choice.