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29 Mar

Top 5 reasons to stay in the home you love as you age.

Mortgage Tips

Posted by: Leeah Holle

Top 5 Reasons to Stay in the Home You Love as You Age.

According to a report by Mustel Group and Sotheby’s International Realty Canada, 86% of Canadian baby boomers and older homeowners want to live in their home for as long as possible. However, given the challenges associated with aging – such as reduced mobility and memory loss – many question whether they may be better off in an assisted living or nursing facility.  There are, however, a number of unique advantages to staying in the home you love as you age, which we’ll explore below

1. Maintaining your independence

As you get older, it’s natural to become slightly less independent – you may need help doing the grocery shopping or with certain household tasks. But if you stay in your home as you age, you’ll likely be able to maintain more independence than if you move into a residential facility. At home, you’re in control of your routine, your meals, and your surroundings, while in an assisted living facility, you usually have less control over these things.

2. Staying close to your community

When you’ve lived somewhere for a long time, you’ll likely have friends and neighbours within walking distance. Having regular social interactions is especially important as we get older, it’s good for your mental health and will help stop you from feeling lonely. More importantly, having a flourishing social life as we age has been connected to a 70% reduction in cognitive decline compared to more isolated individuals. This is a huge benefit to aging in place. At home, you’ll be able to easily visit neighbours as well as having friends and family over whenever you want.

3. Keeping your home comforts

For most of us, our house is a place of familiarity, security, and peace. It’s the place we’ve spent years building into a home and where we’ve made many cherished memories. The emotional benefit of aging in place is therefore huge. On the other hand, moving to a facility can take an emotional toll on a person’s wellbeing, putting them more at risk of stress and depression. Furthermore, there’s evidence that familiar smells and surroundings can help trigger memories of those in the early stages of Alzheimer’s.

4. Staying healthier and safer

Many people chose to move into a nursing home or assisted living facility believing it to be the safer and healthier option. And while this may be true for those with severe needs, there are other factors that need to be considered. Feeling homesick can lead to stress and depression, which in turn can lead to greater cognitive and physical decline. Residential facilities also carry a greater risk of infection, which can spread much more easily when living at close quarters with others.

5. Saving money

There’s no denying that aging in place has its expenses. You may need to pay someone to help you with household chores, grocery shopping, or personal care. You may also need to adapt your home for mobility. Despite this, aging in place is typically less expensive than an assisted living facility or nursing home.

Deciding whether to age in place or move into an assisted living or nursing facility is a personal choice that should be made after careful consideration. If you decide that staying in your home is the right option for you, the CHIP Reverse Mortgage can help you with the associated costs.

The CHIP Reverse Mortgage allows you to access up to 55% of your home’s value in tax-free cash. What’s more, the loan isn’t repaid until you leave your home, meaning there are no required monthly repayments. What you do with the money is up to you. You could use it to adapt your home, purchase mobility aids, or pay for an in-home caregiver – helping you stay as independent as possible in your own home.

Written By: Agostino Tuzi