I would guess that every one of us passed the age of 50 has at one time or another thought about what we will do when we get older. I don’t mean do in the context of what we do to stay busy, or what we will do to enjoy life. I mean what we will do about the cost of living where and how we want when we get older.
The vast majority of us would probably want to live right where we do now. We are comfortable in our own homes, and that is what the term “aging in place” was intended to convey. But what are the cost and issues around doing so?
So just how viable is the Aging In Place concept?
I am sure most of you have seen the newest bombardment of ads on TV these days that are aimed at helping us with both of these issues. Have been in the buying business (a.k.a. Supply Management) I am a firm believer in the mantra “Buyer Beware”, which really means, do your research before your buy and remember most of what is offered these days does not have a “buyer’s remorse” period of time attached. So…..
When you see these ads on Reverse Mortgages and Home Care Providers,
Remember that both require a closer look
Here is a little piece of an article found in Forbes by Carolyn Rosenblatt:
The ads make them look so great. Vacations, living a great lifestyle, happy couples, smiling at their good fortune. Rewards are repeated again and again.
Sincere movie stars of a certain age make the commercials believable. You can get cash now. It’s so easy. Just get your reverse mortgage and your problems will be solved. Pay off debt. Have fun.
What’s wrong with this picture?
A reverse mortgage is more debt and one of the most expensive forms of credit you can get.
There is a link below if you want to read the whole article, and maybe you should. It is important for us to educate ourselves as we get older. Remember the only person looking after us is US.
In essence, they sound so good when you see one of your “trusted” TV personalities promoting them, but in many cases, everything is not as it appears. DO YOUR HOMEWORK
Home Care Services
According to the government reports Aging at Home cost less not only for the family but the government themselves.
So here are some (not all) of the pro’s and con’s of home care
Home Care Pros
1. You can stay in your home.
2. Care is (usually) administered by a loved one or home-care professional.
3. It may be less costly than other options.
5. If Alzheimer’s disease or another form of dementia should develop, familiar surroundings can produce feelings of calm and a sense of control.
Cons of Home Care
1. The people providing the care, if they are family members, probably have extensive responsibilities outside the home; as your dependency increases, their ability to care for you may become strained.
2. Home care by trained professionals can be costly. Home care pros often charge upwards of $30 per hour; if you should require around-the-clock assistance, the cost can quickly add up, decimating your savings and insurance.
3. Just as often as care is administered by loving family members, it may have to be provided by strangers with whose company you may or may not enjoy.
4. Your home may be not equipped to deal with changes in your mobility or any deterioration of your physical abilities.
5. Living at home, even with in-home care, may if you are not prepared put you at risk in case of medical emergency.
Three things need to be considered before opting into either idea.
- Will the equity value in your home last as long as you do?
- Do you and will you going forward have the financial resources to have in home care?
- Is your health such that it will allow for you to remain in your home over the long term?.
Remember should your health suddenly decline in the future you may have used the up financial resources required to take care of you, while you remained in our home.
If the answer to those questions is NO, then perhaps you need a different Place to age in.
Aging in place doesn’t have to be a house you own but does mean a place you are content with calling home.
I have written Three books on this topic that describe in more detail what is required to remain in your home as you age. You can get both by clicking on the title or on the Get the Book button.
The first was Staying Home in your 70s 80s and beyond [btn text=”Get this Book” tcolor=#000 bcolor=#FFA500 thovercolor=#FFFF00 link=”http://amzn.to/2dJZxjS” target=”_self”]
The revised addition was Aging Safely at Home [btn text=”Get this Book” tcolor=#000 bcolor=#FFA500 thovercolor=#FFFF00 link=”http://amzn.to/2egvz91″ target=”_self”]
The third is about the conversation with your children on making difficult decisions about your future titled The Hardest Conversation [btn text=” Get this Book” tcolor=#000 bcolor=#FFA500 thovercolor=#FFFF00 link=”http://amzn.to/2esvaj8″ target=”_self”]
Forbes article on Reverse Mortgage
THE BOTTOM LINE IS whenever you are making decisions about how to spend your retirement years, it’s important to weigh all these factors, along with financial concerns, family availability, and many others.