Arizona Reverse Mortgages: Top 10 Home Improvements Seniors Make

Posted by Justin McHood on November 22nd, 2008

According to an AARP survey found on the HUD.gov website, the majority of mid-life and older Americans want to remain living independently in their own homes and communities for as long as possible.

Nursing home?  People don’t want to live in a nursing home, they want to stay in their own home!

The survey found that:

  • 70% of seniors who are able to make changes to their homes have made at least one modification to make it easier for them to get around
  • 66% of seniors who made home modifications believe those improvements will allow them to live in their homes longer than they would have been able otherwise, most for another ten years or more
  • The reasons most often cited by seniors who participated in the survey for not making home improvements were the inability to make the changes themselves (37%) and not being able to afford the modifications (37%)

The FHA HECM reverse program can turn the built-up wealth in your home to cash without having to move or repay a loan each month.  Financing home repairs or improvements is one of the many good uses for funds received from a HECM.

Top 10 Home Improvements for Seniors:

  1. Levered doorknobs.
  2. Grab bars in bathrooms.
  3. Levered faucets in kitchen sinks.
  4. Handrails on both sides of stairwells and on front and rear steps.
  5. Grab bars in showers; removal of any door threshold.
  6. Movable shower heads for those who must sit.
  7. Portable shower seats.
  8. A bathroom with a bath/shower as well as a bedroom on the first floor.
  9. Widened doors to accommodate wheelchairs.
  10. Ramps for those using walkers and wheelchairs.

The above mentioned survey was part of a series of surveys done by AARP on senior housing studies. Based on telephone interviews of 2,000 persons aged 45 and over, it examines the opinions and behavior of mid-life and older Americans regarding their current and future housing situations.



November 22, 2008 | Filed Under Arizona Home Financing Options, Arizona Reverse Mortgages 

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