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Chapter 8. Planning for the Home

Chapter 8. Planning for the Home

According to Dorothy, from The Wizard of Oz, “There is no place like home. There is no place like home.” Apparently, Dorothy was fond of repeating herself. But the question of housing options for senior citizens is one worth repeated examination. There are many things to consider in proper planning for housing for seniors, including Reverse Mortgages, paying off a mortgage, private mortgage insurance, refinancing, life estates and selling your home to your children and then renting it back.

Many senior citizens wish to stay in the homes they have lived in for so many years. Their homes are familiar places with which they have an emotional attachment. According to figures supplied by the Department of Housing and Urban Development’s Office of Policy Development and Research (HUD) approximately 80% of older Americans own their own homes and many of these people have no present mortgage. Some seniors find themselves cash poor, but house rich as the value of the home, which they may have purchased for a relatively small amount of money many years ago, has now increased in value tremendously. A number of options can help people stay in their home and tap into its equity as a source of funds. A Reverse Mortgage is one option that will help people remain in their homes and convert some of its equity into ready cash.


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