Planning and education are keys for seniors who want to retain their own homes as they age

By Doris Goodman

October 3, 2006 – Los Angeles – You don’t need to go to Florida to notice that the U.S. is aging: you see us everywhere from the market to the movies. Over the last century, the percentage of the population that is 65 and older tripled from 4.1% in 1900 to 12.4% in 2004, around 36.3 million people. By 2030, 20% of the population, one in five, will be over 65.

While Americans are living longer, many are also living more actively than older people did a generation ago: you see us everywhere from the gym to the DMV. Still that’s not always the case as increasing age and age-related illnesses take their toll.

According to the Family Caregiver Alliance, some 12.1 million Americans need assistance from others to carry out everyday activities. We expect to live our active lives longer than ever, but most of us don’t plan adequately to be able to maintain the independence and mobility we are used to when age and illness start to affect us.

One of the biggest areas of concern has been in housing, as evidenced by the booming senior housing industry. There are retirement communities on golf courses, 55+ apartments on the next block and continuing care centers that can move you from assisted living to full nursing care without leaving the building.

But for most seniors, the goal is to stay in our own homes as long as we’re able. The American Association of Retired Persons has conducted a survey repeatedly over 20 years that shows that, given the choice, over 84% of seniors want to remain in their own homes. Eight-two percent report that when help is absolutely necessary, they want it in their own homes.

To do that takes planning. Often your home will need to be remodeled for safety and accessibility. You may need to find an in-home care provider or know the local service agencies that can provide assistance with everything from transportation to meals. You’ll also have to plan financially; retirement savings have to last longer and pay for ever-increasing expenses.

One important tool is long-term care insurance which is now offered by most major life and health insurers. While generally associated with covering the costs of living in a nursing home, most policies will pay for bringing a health worker or aide into your home.

When retirement savings are not enough, home owners may find that their home can provide supplemental income. Joe Peay, a reverse mortgage specialist, is a member of the National Aging in Place Council.

“We provide an option for people to be able to access equity in their home that can be used to pay for home renovation and for long-term health costs when retirement savings aren’t enough to cover these expenses,” says Mr. Peay. A reverse mortgage is a device for homeowners aged 62 and over to convert tax-free cash that can be used for any purpose. It works like a conventional mortgage except you don’t make payments so long as you remain in the home.

Mr. Peay is promoting National Aging in Place Week October 8-14, a week designed to promote dialog and awareness of the health care, financial and legal services and even design and building services, that are available to help our growing aging population remain living in their housing of choice.

“The decisions we make about long-term care affect our desires for our own golden years and they can have a huge impact on our families who may not have the resources to care for us as we age,” says Mr. Peay. “It is important that seniors who do want to remain in their own homes are aware of the many resources there are to help them.”

No question, you see us older Americans everywhere, including down the block where we’ve been living for years. For information on reverse mortgages or other aging in place resources, contact Joe Peay at 888-388-6340.