Owning a Home

This housing option needs no explanation.  The types of housing available for purchase include single family homes, condominiums, cooperatives and manufactured or mobile homes.  When in their own homes, many older adults live independently.  Depending on the locality, homeowners may be able to obtain in-home support services and community services to support their continued independence.

Many older adults want to stay in the homes where they have lived for many years.  For others, downsizing to a smaller home is an alternative.  Active adult communities and retirement communities are increasingly an option.  While remaining in one’s own home may be highly desirable for older adults, the wisdom of choosing that option depends on making certain that their health, social and financial needs are met.

Benefits:  The most significant benefit for many is staying close to family, friends and neighbors.  Older adults may relish the comfort and familiarity of their social networks, as well as their neighborhood and community.  They may want to continue to attend the same religious services and shop in their favorite local stores.  Often older adults are very committed to continuing long-term relationships with physicians in their community.  They enjoy the privacy of their home.  Those who plan to stay in their home may have made certain that essential health and social services are available, either in their home or community.

Some older adults want a life filled with planned activities that they share with others in their age range.  They may pull up stakes and find new companions and many amenities in active adult and retirement communities.  These communities offer a variety of housing options for purchase.

And for homeowners, protecting the home as a financial asset can be very important.  They may be counting on it as a future financial resource.

Challenges:  The challenges to being a homeowner include the responsibility for the home’s physical maintenance and upkeep.  It may need modifications to make it possible to live in comfortably and safely.  For those who have difficulty driving or walking, visiting friends or attending social events may no longer be possible.  And homeowners may face a significant financial burden if they have a fixed or limited income.

Personal Considerations – Questions to Ask About Home Ownership:

• Is remaining at home a short-term or a long-term plan?
• If I remain at home, how will my social, health and financial needs be met?
• Do I have equity in my home? If so, what are ways to obtain a loan and use it?
• Is house sharing an option to consider?  Am I eligible for any home repair programs that are completed by volunteers?
• Are there programs available to help me pay for the costs of home repairs, home modifications, home heating expenses, weatherization, utility bills and other expenses of maintaining a home?
• Would modifying my home permit me to continue living there? If so, how do I find a qualified remodeler? Is the remodeler I am considering a Certified Aging-in-Place Specialist?  Are there volunteers from my local Area Agency on Aging who can help me?
• What universally design products and features should I consider to make my home safer and more comfortable?
• Am I eligible for any property tax relief programs in my state?
• Am I eligible for any in-home support services through federal, state or local programs, such as Medicare or Medicaid?
• Can I use my long-term care insurance policy to pay for in-home support services?

Primary Legal Issues to Understand About Home Ownership:

• The uses for reverse mortgage loans.  These loans can be used to pay for expenses, such as medical and long-term care needs, and home repairs and modifications.
• The impact that a reverse mortgage loan or the income from house sharing may have on eligibility for public benefits.
• The effect of receiving Medicaid services on the transfer of the title of the home after the homeowner dies.
• The use of a life estate to allow the homeowner to remain in the home if the sale or transfer of the property is being considered.
• The importance of having a will, if a homeowner’s wishes are to be followed regarding the person or entity to receive the home after the homeowner’s death.