To retire is to finally relax and lead a nice, serene life without the burden of working. However, you could easily find yourself having to apply for a home mortgage because you do not have the money you had when you were working. If so, a reverse mortgage is a good choice because it pays you, rather than you paying it. It is not til years later that the money must be repaid. When considering such an option, it’s important to discover the facts about types of reverse loans available to you, such as jumbo loans, which cater to more expensive properties. You can use that information to select the reverse mortgage agreement best suited to your needs, as well as to your home itself.
Living Options When Old Age Arrives
Medical science, technological advances, and extensive research into ailments and diseases are resulting in people living way past the normal life expectancy of the last generation. In 1950, life expectancy was a few months past the age of sixty-eight. Life expectancy in 2019 is almost seventy-nine years. People think they want to live forever until the knees ache, the memory fades, or cooking alone becomes life-threatening. It is interesting there are no studies that investigate how long the body and mind can sustain independent living.
Living Independently at Home
Many healthy people who reach retirement age and beyond still have the strength, health, and mental capability to remain in their own homes and live independently. While that option is available, it may not be preferable. Some couples, widows, widowers, and older people who have remained single do not want to keep cleaning, maintaining, and paying for a house that is far too big for two people. By the time all that work is done, and money expended, there is not much energy or cash left over to enjoy a social life.
Another Independent Living Option
The solution here is looking into retirement communities. There are apartments or small homes available to buy or rent. Neighbors consist of more active seniors, so there are no children skateboarding on the sidewalks, blaring offensive music, or disrespecting their elders. Activities and excursions are scheduled, there are several common areas inside and outdoors for people to get together, and clubs are established for people to join if desired.
Some communities also include other settings and degrees of care so future needs can be met without moving to a whole other town, city, or area. This is ideal because being familiar with the setting and people often makes transitions easier for people should dementia become an issue, or a chronic illness manifest itself. When exploring options, consider this retirement community to discover all care available.
In-Home Care
Seniors who do not want to leave their homes can arrange to have caregivers, therapists, and skilled professionals arrive at the home to provide needed services. This option is also beneficial when elderly parents live with grown children who work. Degrees of care vary with this option, as does the number of hours services are provided. Home care services will range from having a companion visit three times a week to a certified home health aid helping daily with personal hygiene, to a registered nurse stopping by every day to administer medications. Physical therapists, social workers, housekeepers, and licensed practical nurses are also among available professionals who can be sent into the home.
This remains an option as long as the person(s) receiving care are safe in that environment. Care providers have mandated reporters which means any physical obstacles, suspected emotional or physical abuse, or unsanitary conditions in the home must be reported to the state health department. Some states also have ways to directly contact elder services offices. This does not mean something illegal or malicious is occurring. In some cases, the house may be too crowded or noisy for the person to rest, stairs may no longer be manageable, or nutritional needs are not being met.
Nursing Homes for Extensive Needs
When seniors require around the clock skilled nursing care, nursing homes are the best option for safety and comfort. Stays can be short or long-term depending on the circumstances. A senior who needs to have a hip replaced or has suffered a broken bone after a fall will need this level of care until a full recovery is made.
Once strength and mobility have been restored, the senior is released to go home.
Seniors with chronic or terminal illnesses, cognitive disorders, or can no longer safely take care of themselves are typically moved into a nursing home on a long-term basis and will likely spend the rest of their days in that facility. Family and friends are welcomed to visit, seniors can go on outings, activities are planned, and home visits can be arranged for holidays or vacations.
The important aspect of living options during the golden years is to explore them early to determine what would be ideal. Planning for expenses, potential physical, emotional, and medical needs, and preferences are wise. Speaking to family members about realistic possibilities regarding living with grown children is essential before there is no time to plan and only time to react.
A lot goes into this old er stage of life, lots of people don’t think about it. I think having goals and planning ahead applies to this topic too