What is Aging in Place?
Aging in place refers to living safely, comfortably, and independently in your home for as long as possible. It involves having access to necessary services, healthcare, and support to ensure security and comfort at home.
The Benefits of Aging in Place
More than 90% of Canadians dream of aging in place. Staying in your home allows you to remain rooted in your community and preserves the memories you’ve created. It also means maintaining independence without adhering to a structured mealtime or activity schedule. Being close to family and friends and continuing day-to-day activities that bring meaning and fulfillment can enrich your quality of life. Here’s a quick overview of the benefits of aging in place:
- You don’t have to downsize your home or your possessions
- Enjoy the comfort and familiarity of your home and surroundings
- Maintain control over your daily schedule
- Keep your independence and privacy
Overcoming Challenges with a Reverse Mortgage
Financial challenges, reduced mobility, and costly home modifications can make aging in place difficult. Fortunately, a Reverse Mortgage can allow Canadian homeowners aged 55+ to access up to 55% of their home’s value in tax-free cash. You can receive funds as a lump sum, monthly, quarterly, or a combination, with no required payments until you move or sell your home.
How a Reverse Mortgage Supports Aging in Place
Here are three ways that funds received from the CHIP Reverse Mortgage can support you:
- Home Improvements for Accessibility: Enhance your home’s accessibility and safety, such as adjusting electrical switches or relocating the laundry room to the main floor.
- At-Home Care: Hire cleaning services or in-home caregivers to ensure you receive the necessary assistance.
- Support for Assisted Living: A Reverse Mortgage can provide financial support if a spouse or loved one needs to transition to assisted living.
Contact me to discover how the CHIP Reverse Mortgage can empower your journey of aging in place.