The Financial Side of Home Modifications
You’ve made your choice. After considering the benefits and drawbacks of moving into assisted living you have come to the decision that aging in place is the best option for you. Now that’s decided, you need to think about how you might have to adapt your home so you’re as safe as possible as your needs change. The first step is to have a needs assessment carried out to determine exactly what kind of renovations you’ll need.
The next step is finding the right professionals. This team of experts will guide you on your home modification journey, working alongside you to ensure that every angle is covered, risks are carefully assessed, and possible hazards averted.
However, all this comes at a cost, and it’s not one everyone can easily afford…
The Cost of Home Modifications
After seeing estimates and quotations to renovate your home, you may start to think about how you’re going to finance it all. How will you afford to make home modifications without accumulating debt?
Unfortunately, there are very few programs in Canada to assist with home modifications for Aging in Place. The programs that do exist are mainly focused on accessible design post-incident or accident, not for remaining in your home safely as you age. However, this doesn’t mean there aren’t some options worth exploring, such as provincial tax credits, when it comes to the renovation itself.
What are Reverse Mortgages?
One funding option senior homeowners may find appealing is a reverse mortgage. This financial option is available to Canadian homeowners aged 55 or over, allowing them to access up to 55% of their home’s equity in tax-free cash without the need to sell or downsize. Yvonne explains how easy it is to secure a CHIP reverse Mortgage. All you need to do is call 1-866 toll-free -822-2447 and speak to one of the dedicated consultants. They won’t obligate you to do any on-the-spot decision making, they just want to ensure that seniors in Canada are aware of all their retirement options.
What can a reverse mortgage be used for?
Reverse mortgages allow greater financial flexibility and can fund many projects. Erin Davis lists some of the ways clients use the money, such as; paying for renovations, granting inheritances, covering medical expenses, travelling, consolidating debt and even supporting their children with down payments for their own properties. The best part, she says, is that there are no monthly mortgage payments required.
Are reverse mortgages popular with seniors?
Absolutely, and demand is growing, according to Yvonne. More and more Canadians over 55 are choosing to age in place, and looking for ways to supplement their retirement funds as they do. She says they saw a 241% growth in the reverse mortgage industry in 2021 alone.
How do I find out if I am eligible for a reverse mortgage?
Eligibility for the CHIP program is simple. You must be a Canadian homeowner aged 55 or over, and the home must be your primary residence. Remember, the more equity you have in your home and the older you are, the more money you can borrow.
To find out more about eligibility, check here.
What next?
If you want to find out more about your personal eligibility for a reverse mortgage, then get in touch with HomeEquity Bank at 1-866-822-2447 where an advisor will be able to guide you and give you all the information and support you need to take your next steps.
