Financial tools and smart modifications make “aging in place” a realistic option
The important decision of where to live as we age is complicated and emotionally charged. Many seniors dream and even insist, on staying in their home rather than move to a group home. The questions “Can I afford to stay in my own home?” and “Will I be able to live alone in my house safely?” are topics to be addressed at a special educational seminar Thursday, Sept. 27 at Vroman’s Atrium in Pasadena from 4:30 – 7 p.m. Experts from Caliber Home Loans and Slate Ltd., resources for local homeowners, will be discussing smart planning strategies that enable seniors to age in place with greater peace of mind.
For many seniors, aging in their own home within familiar, meaningful surroundings is their definition of freedom and independence. Given continued good mental and physical health, aging in place is more economically and logistically feasible than ever before. Answers to “Can I afford to stay in my own home” rest upon the cost of housing coupled with the cost of bringing outside caregivers into the home. A Genworth 2017 “Cost of Care” survey estimates that the national monthly median cost for home health aides working 44 hours per week is $4,099. John Thompson and Kal Antoun of Caliber Home Loans will highlight features of newly structured equity conversion mortgage products (reverse mortgages) that can be an essential tool in retirement income planning, and, along with other strategies and benefits available to homeowners 62 and older, can provide long-term solutions for covering these expenses.
Answering “Will I be able to live in my house safely?” depends on many factors including maneuverability within the home. Aging is often accompanied by challenges with balance, mobility, coordination, vision, depth perception, and hearing loss. Penny Spark of Slate Ltd., having helped thousands of homeowners through the ins and outs of over 7,500 home modification projects, will identify areas of concern for seniors in and around the home, and offer affordable modifications to improve safety and comfort. Additional topics include best practices for working with contractors to get the best results, and why “granny flats” (ADUs-accessory dwelling units,) might be a smart housing option for the elderly or otherwise independent occupants, as well as an excellent way to generate additional rental income.
To learn more about these topics, attend a free, interactive seminar at Vroman’s Atrium (next door to the Vroman’s Bookstore,) at 709 E. Colorado Blvd., Suite 120, Pasadena. Admission and parking are free. For more information and to RSVP call (626) 355-3200 or email CustomerCare@SlateLtd.com