28 February 2024

As individuals approach their golden years, the idea of aging at home gains prominence, offering familiarity, comfort, and independence. Ensuring a smooth transition requires meticulous financial planning, which includes financing home modifications and potentially engaging caregivers or service providers. Utilizing home equity, exploring reverse mortgages, and collaborating with reputable mortgage specialists become crucial components in creating a home that supports evolving needs. 

Financial Planning: The Aging Plan, Financial and Non-Financial Preparation

A strategic Aging Plan is essential for aging at home. An Aging Plan focuses on housing, medical and personal care, finances and legacy. Importantly, as the need for caregiving or additional services may change, a comprehensive plan can help you and your family be proactive rather than reactive. It will ensure you feel safe and secure in an independent environment. Seeking a retirement-focused financial planner's guidance ensures a comprehensive approach tailored to individual needs and preferences. "You can't talk about money without talking about life." Jayne Osborn CFP CEA 

Mortgage Specialists: Leveraging Home Equity and Reverse Mortgages

Collaborating with mortgage specialists becomes pivotal in unlocking the potential of home equity and exploring reverse mortgages. These professionals guide homeowners through the process of converting home equity into usable funds for necessary modifications. Simultaneously, reverse mortgages offer a unique solution by allowing homeowners aged 55 and older to access home equity without making monthly mortgage payments, facilitating the affordability of caregiving or additional services. Seeking the expertise of mortgage specialists ensures a thorough understanding of terms, costs, and implications, providing seniors with informed choices aligned with their financial goals. “While a reverse mortgage may be viewed as a financial tool, it’s true meaning lies in the power it provides to individuals, allowing them to unlock equity within their home and transform it into a source of security, flexibility, and freedom to live their retirement years on their terms.” Jordan Schulz, Mortgage Agent, Level 2, B.A., Axiom Mortgage Solutions

Building the Foundation: Choosing Reputable Professionals

Creating an age-friendly home involves the expertise of reputable contractors and designers who specialize in senior-friendly modifications, addressing crucial aspects such as main floor accessibility, stair enhancements, door size adjustments, and bathroom safety, ensuring a successful aging-in-place journey tailored to current and future needs. “As our lives evolve, so should our homes. Ask me how we can evolve your home to fit your needs and wants.” Micky Shepherd, Royal City Carpentry and Construction

Seeking Answers? Meet Our Team of Knowledgeable Professionals

To delve deeper into these critical topics, we wish to extend an invitation to our 5-part event series "Sip, Savour & Strategize - Exploring Real Estate Retirement Solutions". Join us for the first segment in our series “Aging in Place - Enabling Graceful Transitions” at TrilliumWest Real Estate Brokerage – 292 Stone Road West, Guelph, ON, on Tuesday, March 19, 2024, at 6:30 pm. This complimentary event features a panel of local professionals ready to answer your questions. Enjoy appetizers and refreshments as our experts share valuable insights and knowledge. 

To secure your spot, please RSVP by March 12th, as space is limited. For registration or more information, reach out to Rob Townsend at rtownsend@trilliumwest.com, Tanya Tagwerker at ttagwerker@trilliumwest.com, or by telephone at 226-314-1600. 

"Crafting a home for aging in place requires a comprehensive approach—understanding unique needs and tailoring the environment for safety, enjoyment, and comfort. Our goal is to make homes not just safe but also enjoyable for years to come." - Tanya Tagwerker & Rob Townsend, Senior Real Estate Specialists at TrilliumWest

Tanya Tagwerker

REALTOR®

226.314.1600

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