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July 2019

Bankrate offers guide for financing age-in-place renovations

July 8, 2019

HomeFit GuideKnowing an overwhelming number of people age 65 and older (95 percent) prefer to stay in their own homes as they age, Bankrate created a guide that compares financing options for various age-in-place renovations.

The fully accessible guide considers various living situations, including pre-retirees who own a home and are contemplating the future, retirees on a fixed income, and seniors planning to move in with a family member.

Home modifications for an aging population are usually undertaken to help seniors age comfortably at home, and to make the property safer and more accessible, the publishers note.

"Renovating for old age doesn't have to result in a cold and clinical design," Bankrate suggests. Its guide includes a link to a room-by-room HomeFitGuide published by AARP.

Bankrate's financing guide explains and compares options for budget-minded homeowners, including home renovation loans, home equity loans/home equity lines of credit (HELOC), reverse mortgages, and government grants and loans. There are benefits and drawbacks to various methods, according to Bankrate.com, an independent, advertising-supported publisher and comparison service.