In a recent survey, the overwhelming majority of senior homeowners who are 62 years or older want to remain living independently in their own homes for as long as possible.
The survey found that seven in ten of those who are able to make changes to their homes have made at least one modification to make it easier for them to get around.
Two thirds of the senior homeowners who made home modifications believe those improvements will allow them to live in their homes longer than they would have been able otherwise, most for another ten years or more.
The reasons most often cited by respondents for not making home improvements were the inability to make the changes themselves (37%) and not being able to afford the modifications (37%).
HUD’s HECM program (Reverse Mortgage) can turn the built-up wealth in your home to cash without having to move or repay a loan each month. Financing needed for home repairs or improvements is one of the many good uses for funds received from a HECM Reverse Mortgage.
Listed below are the top 10 home repairs or improvements that were reported:
- Levered doorknobs
- Grab bars in bathrooms
- Levered faucets in kitchen sinks
- Handrails on both sides of stairwells and on front and rear steps
- Grab bars in showers; removal of any door threshold
- Movable shower heads for those who must sit
- Portable shower seats
- A bathroom with a bath/shower as well as a bedroom on the first floor
- Widened doors to accommodate wheelchairs
- Ramps for those using walkers and wheelchairs
Delaware senior homeowners 62+ spend lots of money each year on home improvements. If you need some of the home repairs or improvements listed above, a HECM Reverse Mortgage may just work for you.
Please call Sam at (302) 266-9500 or simply click on the button below to fill out our online contact form.
You can also download your free copy of our ebook “Complete Guide to Reverse Mortgages”. Click below to download.