Aging in place is no longer just a preference, it’s the plan. According to AARP, over 75% of adults 50 and older want to stay in their current homes for as long as possible.
But comfort isn’t cheap. From rising property taxes to in-home care, aging in place comes with real costs.
Here are three financial tools helping homeowners stay in control, stay independent, and stay put.
1. Reverse Mortgages
Reverse mortgages convert home equity into cash without monthly mortgage payments.
You keep ownership, stay in your home, and access funds as a lump sum, line of credit, or monthly payment.
Best for:
- Retirees with high home equity
- People looking to pay off an existing mortgage
- Those funding long-term care
Check if you qualify at Equity Access Group.
2. Long-Term Care Insurance
Many policies now offer flexible benefits that cover in-home care, not just nursing facilities. Getting coverage early can lock in lower premiums and reduce the burden on family.
Best for:
- Homeowners in their 50s and early 60s
- Those with family health history concerns
3. HELOCs with Interest-Only Options
Home equity lines of credit let you borrow against your home for repairs, remodeling, or medical needs.
Some lenders now offer interest-only periods or even pause options during financial strain.
Best for:
- Homeowners who don’t qualify for a reverse mortgage
- Those needing short-term cash for home upgrades
Final Thought
Aging in place isn’t just about location, it’s about planning. With the right financial tools, you can live where you love without draining your portfolio.
Learn more about using home equity wisely at Equity Access Group.
