According to Leonard Baker, President and CEO of March of Dimes Canada, “Canadian seniors and people with disabilities overwhelmingly want to live in their own homes throughout their lives.” So how do today’s seniors go about making sure they are able to age in place?
If money is an issue and you are a homeowner over the age of 55 years of age, talk to your mortgage broker or lender about a reverse mortgage. The bank provides funds out of your home instead of you paying the bank each month. I spoke with Nadia Causley, Mortgage Broker for Mortgage Lab to help explain what a reverse mortgage is:
A reverse mortgage is just a mortgage where title stays completely in the client’s name. However, instead of having to make a monthly payment against the debt, there are NO PAYMENTS REQUIRED as long as one applicant lives in the home. You can pay the interest if you like, and even pay it down a bit each year, but you are never required to make any payments at all for as long as you live there. The interest that is charged is simply added to your balance, and it accrues over time. Whenever you eventually move or sell the home, that is when the money you borrowed plus the interest that added up gets paid back. The rest of the equity and all the house appreciation is yours.
BC residents over the age of 65 can also receive an additional grant on their property taxes on top of the regular grant. Residents over 55 years of age can also apply for the property tax deferment program. This deferral works by only paying back the taxes (and interest) at the time of selling your home. This can be incredibly helpful to those that are on a fixed income, as well as those whose properties have significantly increased in value over the years.
If it’s a question of mobility, there are ways to enhance your current home to make it more accessible. Consider putting in a ramp at your front door, or a chairlift for you to easily access the second floor in your home. There are companies like Stay Able Kitchens, Baths and Homes and BC Safety Seniors Services that can modify your home with walk-in tubs, grip bars and slip resistant flooring.
There are also many other companies/services available to help lighten the load of home ownership. Landscaping companies can come weekly/biweekly to mow the lawn and take care of flowerbeds. Most major grocery stores do delivery and Meals on Wheels can deliver healthy meals to your door. Many health care services are mobile, from podiatrists to physiotherapists.
Better yet, The United Way has an amazing program called Better at Home for residents of Langley City and the Langley Township. This program encourages and embraces seniors that want to stay in their home longer; but just need a little bit of help. It helps seniors maintain their independence with non-medical home support such as transportation and light housework. There are costs associated with these services; however, these are based on a sliding scale determined by your income.
The Langley Senior Resource Society also has an outreach program to connect with other seniors in the community. If you are feeling lonely and just want someone to visit you, they have friendly volunteers who do just that!
There are many resources available should you want to stay in your home for as long as possible. Hopefully you will always have the choice to stay where you are happy. At the very least, there is always help along the way.
