Aging in Place Workbook 2019

PERSONAL FINANCE

Housing Affordability Is your monthly mortgage or rent payment so high that you are left with not enough money for your other monthly expenses ? (note: a monthly mortgage or rent payment that is more than 30% of monthly income is considered unaffordable) Yes____N0____ If your monthly housing costs are higher than you feel you can afford, have you looked into the pros and cons of any of the following?  Using your home equity to supplement your income (such as a Home Equity Loan or Reverse Mortgage) ( Buyer beware! Although a reverse mortgage could be very helpful in improving your monthly cash-flow, make sure you research the terms thoroughly before signing. Not all reverse mortgages are the same, and some can be a bad deal in the long-term.)  Refinancing your mortgage at a lower interest rate (same caveat as above)  Property Tax Deferral plan for seniors (if applicable in your state/county)  Downsizing/Finding a less expensive home  Remodeling your current home to offer rental space for living or storage  Home sharing  Remaining in your current home and reducing your other expenses  Moving to a lower cost area

Do you know the age of your appliances and other high-cost systems (e.g. roof, HVAC) in your home and their estimated replacement date(s)? Yes____N0____ Not Sure ____

Have you checked into appliance insurance programs? Yes____N0____ Not Sure ____

Do you have funds to repair or replace these high cost systems when needed? Yes____N0____ Not Sure ____

If your answer is “ yes ”: What is the source of funds? ______________________________________

Aging in Place: Your Home, Your Community, Your Choice

Personal Finance

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