What Does My Health Have to Do with My House?

Simple Reverse Blog Posts(5)

What Seniors must consider that have health challenges.

Everyone knows growing old isn’t for the weak at heart.  We all have our health challenges.  Some are bigger than others, but they exist for most. We wake up one day and discover that the place where we reside, raised children, celebrate birthdays and graduations, and held hundreds of family events is the same place that may be the cause of our living difficulties.

To help seniors consider all these variables, we believe it is essential to identify some instances we see daily.  Even though someone may not be experiencing these challenges now, it is wise to put a plan in place for when these issues arise.


  1. House Payment – Paying the mortgage is everyone’s number one priority. Whether you are 35 or 65, some of these responsibilities can be overlooked if you become ill or incapacitated for any reason.  While most mortgage companies provide several options and plans to get back on track if you miss a payment, this challenge can weigh heavy on any individual.  This is incredibly frustrating if someone has had a fantastic record of paying their mortgage on time.  Again, some of the things that were done with impunity before may become challenging later.   For that reason, we must consider a plan of action.


  1. Paying Property Taxes and Home Insurance – If someone has paid off their home and is at that place in life where they own their home 100% - they have somewhat arrived! It’s a massive accomplishment and worthy of celebration.  It can be easy to forget the other expenses that may have been a part of your mortgage payment.  Property Taxes and Home Insurance continue to be a financial responsibility that all homeowners carry while they own their homes.  Like paying your mortgage, these expenses are due regularly, and if someone cannot make the payment, there may be uncomfortable consequences.  These oversights occur all the time, especially around sudden illnesses or accidents.


  1. Yardwork – Many take great pride in their lawns. Do you order mulch every year, and enjoy trimming hedges and cutting the grass?  That smell after a fresh cut brings peace of mind.  Some plant flowers, trim trees, and various chores to ensure the home looks just right.  Some of us do the bare minimum, so the HOA doesn’t come tapping on our front door.  Whichever type of homeowner you may be, yardwork is a part of home ownership.  For any reason that someone cannot fulfill their responsibilities, it can pile up during certain parts of the year.  If one cannot do it, we all know that having someone manage these chores can become expensive.


  1. Home Repairs – Many folks can handle a couple of home repairs independently. Whether big or small, these inevitable repairs always pop up, usually at the most inconvenient times.  We all have that one home repair that we will get to that has been busted for a couple of months longer than we promised.  Some of the functionality in our home works “well enough,” and we continue to live our best lives as if nothing is wrong.  These repairs may turn detrimental if we allow them to continue to pile up on our to-do lists.  While it is easy to believe the things we’ve always maintained will be easy to continue, that may not be the case.


  1. Accessibility – The home is full of obstacles that are easy to overlook when we are healthy, but as soon we face health challenges, they show up quickly. An easy example is stairs.  Even if one walks five miles a day and stairs are not a part of any consideration, you may find yourself in an uphill battle if health conditions are altered.  Bathrooms, kitchens, and driveways all have high accident occurrences. While some Medicare and Medicare supplements may cover alterations to the home when needed, some do not.  Identifying these obstacles early is ideal for planning how to manage them in the future.


We hope these words find everyone in good health.  While we all want to maintain our homes and homesteads’ financial responsibilities, it is essential to have a plan to deal with the challenges that can arise from falling ill or experiencing an injury.  The Reverse Mortgage product may provide a solution for some of these challenges as they appear.

Every circumstance is different, but the reverse mortgage can be crafted to meet the needs or provide contingency resources if a senior becomes ill or injured.  If you are planning for your future and owning a home, it is worth considering how a reverse mortgage may help you age in place so you can continue to enjoy your home.

Download our Free Guide that will show you the benefits a Reverse Mortgage may have for you.