Aging in Place Workbook 2019

HOUSING

Affordability Does your monthly mortgage or rent payment currently leave you enough money for your other needs? Yes ____ No ____ Are you reasonably confident that your monthly mortgage or rent payment will continue to be affordable if other expenses in your life were to increase substantially (i.e. medical expenses, supportive services)? Yes ____ No ____ Not Sure ____ Are your monthly heating/electricity bills affordable, even in the coldest/hottest months? Yes ____ No ____ Not Sure ____ If your monthly home costs are too expensive (or become too expensive in the future), do you want to consider any of the following?  Find a home that is less expensive/downsize  Remain in current home and reduce other expenses.  Explore possible benefits available to you (Visit benefitscheckup.com )

 Property tax deferral plan for seniors (if applicable)  Find a housemate or home-sharing arrangement  Have my home/appliances upgraded for energy- efficiency to save on utility bills.  Consider a reverse mortgage (see box below)  Consider refinancing at a lower interest rate (see box below)

Did You Know?

There are an array of financial mechanisms that could help you reduce your monthly housing costs, but there are also some pitfalls and predatory practices out there. If you are considering a reverse mortgage, a home equity loan, a second mortgage or a refinance of your primary mortgage, AARP has a wealth of information online that can help you make a more informed decision. Y ou may also want to seek some expert advice from an estate or financial planner. AARP also has great resources on how to select a financial planner who is also a fiduciary , which means when they give you advice, they are legally obligated to put your financial interests ahead of theirs. Fiduciaries usually work for a flat fee rather than a commission.

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

Housing

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