Aging in Place Remodeling in Minnesota
Those aging in place in Minnesota may need to take steps to improve their living space. Depending on your needs, there are several ways you can remodel your home to accommodate your lifestyle and provide the comfort you need. There are also a number of reverse mortgages and ADA modifications available for the elderly.
Whether you’re considering using a reverse mortgage to age in place remodeling in Minnesota, or you’re thinking about getting one to supplement your income, there are a few things to consider. You don’t want to get a reverse mortgage that you don’t need. You also don’t want to get a reverse loan that will cost you more than you can afford.
Fortunately, the good news is that reverse mortgages are regulated by the federal government. The Department of Housing and Urban Development (HUD) is in charge of regulating reverse mortgages.
A reverse mortgage loan is a loan against the equity in a home. The funds can be used to make home improvements or to pay for care. Reverse mortgages can also be refinanced.
The most common type of reverse mortgage is a Home Equity Conversion Mortgage. It is a federally-insured mortgage. Only FHA-approved lenders can offer a HECM loan.
The HECM loan is a very effective way to fund retirement. Those who qualify can access the equity in their home to finance their retirement.
ADA modifications for the elderly
ADA modifications for the elderly aren’t all that common. The Great Lakes ADA Center is a good place to start. They can provide expert advice and a number of interesting and unique projects. TED is a nifty little program that provides free equipment to people with disabilities. The Great Lakes ADA Center isn’t just about ADA modifications for the elderly, however. It also helps people of all ages live more independently by offering a wide range of informational and recreational services. Its most popular program is its Transportation Enhancement Program, which helps elderly people live more independently by providing transportation to and from doctor visits, shopping and activities in their homes. TED has many other programs for seniors, including a statewide transportation program for disabled children, a respite program for disabled elderly women and men and a program for people with disabilities who are elderly, disabled or disabled spouses.
The Great Lakes ADA Center is staffed by experts with a vested interest in helping Minnesotans live better lives. The TED Program is a good place to start, as are their other programs, such as the STAR (Senior Transportation Awards) Program for seniors.
Cost of aging in place remodeling
Approximately 80 percent of homeowners age 55 and older say they want to age in place, and are willing to stay in their homes as they get older. However, many of these homeowners have never completed aging in place remodeling projects. These projects are geared to improve safety and accessibility. Some projects include installing grab bars around bathtubs, installing grab bars for doorways, installing adjustable/handheld showerheads, planting low maintenance shrubs and plants, and altering staircases.
Aging in place is not something that should be taken lightly. Even small changes can help seniors stay in their homes for longer. These changes can include adding motion sensor lights, installing open shelving for visual impairments, and widening hallways to accommodate wheelchairs.
The cost of aging in place remodeling projects will vary. Some projects can be as low as a few hundred dollars, while others can cost up to $50,000. The cost will depend on the size of the home, the contractor’s background, and the amount of work that is needed.
Challenges of aging in place
Despite the fact that many people over the age of 65 are happy to stay in their homes, many challenges remain. These include increased surgeries, degenerative arthritis, and decreased mobility. Developing new models for aging in place is important in order to help ease the burden on family and the community, as well as to make the process more cost-effective.
The need for aging in place is especially high in rural areas. These areas often have an older population, which often means a smaller number of housing units. Often, these homes are not well-maintained. Older people need to have access to transportation to get to medical appointments and other outings. These areas may not have the same social opportunities as urban communities.
One way to help older adults function is to build a support network. This includes educating local governments about aging in place, as well as connecting people to qualified resources. These organizations can include the city or county government, local non-profits, and home service professionals.