CHANGE TEXT SIZE:
Whether you are remodeling an existing home, building a new one or looking to rent an apartment, it is important to think about housing needs as you age. Utilizing the concept of Universal Design is one method to ensure your home will suit your needs as you grow older. Universal Design’s intent is to simplify life for everyone by making everyday items including appliances and utensils attractive and user friendly.
Universal Design promotes incorporating common-sense features into your home now so you will not have to make major modifications later in life. For example, placing standard electrical receptacles higher from the floor and light switches lower make them more convenient to use in case you need to use a wheelchair later in life. Similarly, selecting housing with a zero-step entrance eliminates the need to build a costly ramp.
In new construction, incorporating Universal Design features may add little or no extra cost. Regardless of what changes you want to make to your home, it is important to become an educated consumer and select a builder and/or contractor with an understanding of Universal Design features. The National Association of Homebuilder’s “Certified Aging-In-Place Specialist” (CAPS) designation denotes a builder who has participated in specialized training, and their website more fully describes CAPS and contains links to additional information (http://www.nahb.org). You can also check with your local library or book store for resources that address the topic of Universal Design and aging in place.
Not all mortgages are alike. A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live there. The reverse mortgage can be paid to you all at once, as a regular monthly advance, or in other ways. People often use a reverse mortgage to raise cash for living expenses or to help pay medical bills. When you die, sell your home, or permanently move out, the money plus interest is paid back. However, you can never owe more than your home’s value at the time the loan is repaid. Borrowers, who must apply for a reverse mortgage like a regular mortgage, must be at least 62 years of age in most cases and borrow against a single family dwelling. Reverse mortgages may have tax consequences and affect eligibility for federal and state programs. Your home is a major investment so it is important to take the time to learn if a reverse mortgage is right for your circumstances. For more information about reverse mortgages you should contact your financial advisor. The U.S. Department of Housing and Urban Development website (www.hud.gov) also provides useful information on reverse mortgages.
Hopefully this information was helpful in providing some tips on Owning Your Future! A little time invested today to improve your health, learn about long-term care terminology and think about future housing needs will yield greater returns later in life, and make getting older a lot easier!
