For many older adults, their home is their biggest financial asset, and they want to remain living in their home as long as possible. You may feel the same way. But as you age, you may find yourself in need of extra funds, as many do, for expenses such as medical bills, home repairs and modifications, in-home care, and supplementing limited or fixed incomes to meet rising costs. Choosing to remain living in your home when you need extra cash or help can be a big decision.
There are many practical and financial factors to consider, including the option of tapping into the stored value of your home with a loan, also known as a reverse mortgage. Using the equity in your home may seem like a good idea, but is it right for you? It’s a decision you should consider carefully, which is why we’ve created a guide to help you better understand and evaluate your options.
Help to better understand if a reverse mortgage is right for you
The National Council on Aging's Use Your Home to Stay at Home© guide is the official federally approved consumer booklet for older homeowners who are considering using a reverse mortgage to stay in their home.
You can use this guide to learn about the challenges of aging in place, how to use your house as a financial resource, and the types of loans available. It also includes tips, websites, and information on government programs that can help you remain independent and age in place.
What else you can find in our 'Use Your Home to Stay at Home' guide:
- Questions for older homeowners to consider to decide if their home still meets their needs
- Information about other housing options, including continuing care retirement communities and senior apartments
- Information about loan options available when tapping into your home equity (or your home's value)
- Information about the different types of reverse mortgages, and the advantages and disadvantages of each
You can download a digital copy of both the English and Spanish versions.
To order multiple printed copies, please visit our ordering site.
