Top Five Reasons To Stay In The Home You Love As You Age

Getting a mortgage can be challenging when dealing and coordinating through the Coronavirus pandemic, with constant changes across the board. With a large number of people losing their jobs and another massive group of them working remotely, mortgage companies were not open to supporting their clients as easily as they were in the past. We learned that many of our clients were not planning on making large investments which was another challenge that we had to get through. Unfortunately, the people who needed the mortgages the most were the ones who were ideally going through a tough time during the pandemic.

On the flip side, some people could move from one place to another during the pandemic but were not looking to because they were waiting for a better, more stable economy and, in turn, a housing market. We were telling our clients that they should stick to the house they love instead of moving from one place to another. We went ahead and created a list of reasons why it makes sense for a client to stick to the same house they want.

Tip #1: Maintaining independence
As you get older, it’s natural to become slightly less independent – you may need help doing the grocery shopping or specific household tasks. But if you stay in your home as you age, you’ll likely be able to maintain more independence than if you move into a residential facility. At home, you’re in control of your routine, your meals, and your surroundings, while in an assisted living facility, you usually have less control over these things. Furthermore, you would know the people around, allowing you to make better decisions and get assistance easily, when needed.

Tip #2: Staying closer to your community
When you’ve lived somewhere for a long time, you’ll likely have friends and neighbors within walking distance. Having regular social interactions is especially important as we get older. They are good for mental health and will help stop you from feeling lonely. More importantly, having a flourishing social life as we age has been connected to a 70% reduction in cognitive decline as compared to more isolated individuals, which is a massive benefit to aging in one place. At home, you’ll be able to easily visit neighbors as well as have friends and family over whenever you want.

Tip #3: Keeping your comforts
For most of us, our house is a place of familiarity, security, and peace. It’s the place we’ve spent years building into a home and where we’ve made many cherished memories. The emotional benefit of aging in one place is huge. On the other hand, moving to a facility can take an emotional toll on a person’s wellbeing, putting them more at risk of stress and depression. Furthermore, there’s evidence that familiar smells and surroundings can help trigger memories of those in the early stages of Alzheimer’s.

Tip #4: Staying healthier and safer
Many people chose to move into a nursing home or assisted living facility believing it to be the safer and healthier option. While this may be true for those with severe needs, they have to consider other factors as well. Feeling homesick can lead to stress and depression, which, in turn, can lead to greater and faster cognitive and physical decline. Residential facilities also carry a greater risk of infections that spreads when living at close quarters with others.

Tip #5: Saving money
There’s no denying that aging in place has its expenses. You may need to pay someone to help you with household chores, grocery shopping, or personal care. You may also need to adapt your home for mobility. Despite this, aging in place is typically less expensive than an assisted living facility or nursing home.

Deciding whether to age in place or move into an assisted living or nursing facility is a personal choice that a person should make after careful consideration. If you decide that staying in your home is the right option for you, the CHIP Reverse Mortgage can help you with the associated costs.

The CHIP Reverse Mortgage allows you to access up to 55% of your home’s value in tax-free cash. What’s more, the loan will not be repaid until you leave your home, meaning there are no required monthly repayments. What you do with the money is up to you. You could use it to adapt your home, purchase mobility aids, or pay for an in-home caregiver – helping you stay as independent as possible in your own home.

If you are looking for a team to assist you with getting the best mortgage, Mortgages By Erin has you covered. When it comes to finding the best deal, that is what we do. We listen to your requirements, understand your needs, go over your ability to pay and give you the best deal to work with. Furthermore, when most financial institutions might not be open to working with people, we understand their requirements and their ability to pay and connect them with contacts with whom we spent years building relationships to get everyone the best deal possible. We work with various types of mortgages, and if you want to understand the services we offer in greater detail, please click here. If you want to get in touch with us, please click here.