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NCOA's Use Your Home to Stay at Home© is the official federally approved consumer booklet for older homeowners who are considering using reverse mortgage to stay in their home. Our guide also provides information on other housing and home equity options available to older adults who are looking to remain in their homes as they age. You can ...
Our Use Your Home to Stay at Home guide walks you through different options, including reverse mortgages and home equity lines of credit. For many older adults, their home is their biggest financial asset, and they want to remain there as long as possible. Choosing to live in your home when you need extra help can be a big decision.
Use Your Home to Stay at Home© 3 Overview L ike most Americans, you probably want to stay in your home as you grow older. However, as it gets harder to do things on your own, you may need a helping hand with everyday tasks. It can be costly to pay for help at home, along with home modifications and other health needs. For many people, these ...
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in your home—tapping the stored value of your home with a loan. Home equity is the difference between the appraised value of your home and what you owe on any mortgages. A reverse mortgage can allow you to convert some of that home equity into cash so that you can stay at home. Using the equity in your home can seem like a good idea. But is it
Stay at Home? Look at all the resources you can use to help you live at home. You likely have three major sources of help: support from family and friends, personal income and assets, and the equity in your home. Support from others Most older Americans who have difficulty doing everyday tasks depend on family and friends for help.
Average national cost of services, 2010. Homemaker: $18/hour Home health aide: $19/hour Adult day care: $60/day Assisted living $3,185 per month Nursing home: $185–$206/day (semi-private and private room) Sources: Genworth Financial 2010 Cost of Care Survey.
