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Extra money can be used for updating home to age in place
Seniors and their adult children decide every day on aging dynamics and the feasibility of remaining in a long-term residence. While many seniors choose to downsize their living space, there’s a share of seniors that desire to remain in their homes or age in place.
Peter Bell, president and CEO of NRMLA and president of the National Aging in Place Council, positions using home equity as a way for seniors to update their homes to age in place.
“Instead of moving out, various modifications, such as stairless entryways and wider bathroom doorframes, can be made to accommodate new mobility and accessibility needs,” he said. “The housing wealth our seniors have built up in their homes over the years, their home equity, can be used to update the family house into a space for living comfortably and independently for years to come.”
A few stats about American homeowners aged 62 +
- According to the National Reverse Mortgage Lenders Association (NRMLA) and RiskSpan, this demographic had $6.3 trillion in total home equity at the end of the first quarter 2017, a 3.1% increase between fourth quarter 2016 and first quarter 2017
- NRMLA and RiskSpan’s Reverse Mortgage Market Index, reached 227.07 in the last quarter, the highest since it was created in 2000.
- Seniors’ home equity has been rising steadily for much of this decade, only falling in three quarters in 2010 and 2011 during the recovery from the housing crisis and recession.
If you or a loved-one has questions about aging in place versus looking for a residence better suited for them, there’s a whole team of Senior Real Estate Specialists for that!
Reverse Mortgage Daily. Seniors’ Home Equity Rises 3% in Q1