Modifying your home to reduce fall risks and make it easier for you to navigate as you age can help you age in place in the home that you love. While some modifications, like installing grab rails in your shower, can be done relatively cheaply, modifying your historic Victorian to wheelchair-accessible can cost tens of thousands. If you don’t have the cash, you may be able to use the equity you have in your home to modify it so that you can stay in t𝔉he home longer.

How a Home Equity Loan Works

A 澳洲幸运5官方开奖结果体彩网:home equity loan allows you to borrow against your home’s equity to receive a 澳洲幸运5官方开奖结果体彩网:lump-sum payment that you repay over a set period of time at a 澳洲幸运5官方开奖结果体彩网:fixed interest rate with set monthly payments. Because a home equity loan uses your home’s equity as 澳洲幸运5官方开奖结果体彩网:collateral, you can access cash at a much lower interest rate than 澳洲幸运5官方开奖结果体彩网:unsecured alternatives like credit cards or a 澳洲幸运5官方开奖结果体彩网:personal loan.

Before taking out a home equity loan, it’s a good idea to get estimates on modification costs so that you borrow the amount you need and aren’t tempted to spend the rest of your loan proceeds frivolously.

Home Equity Loa🅰n Alternatives to Modify Your Home

Many modifications to age in place can be done cheaply. The Cleveland Clinic has a list of dozens that can all be done for less than $50. For example, simply removing rugs can reduce your fall risk and is free. Reducing your fall risk by eliminating tripping hazards can help you avoid injuries that could land you in a care facility permanently.

If you find that you need more costly modifications, such as a wheelchair ramp, widened doorways, or a completely modified kitchen or bathroom, there are 澳洲幸运5官方开奖结果体彩网:still options available without taking out a home equity loan. 

The U.S. 澳洲幸运5官方开奖结果体彩网:Department of Housing and Urb꧑an Develꦿopment (HUD) has an entire grant program called the Older Adult Homes Modification Program (OAHMP). With this program, HUD provides grants to local organizations that work directly with seniors. To see what grants and assistance are available in your area, call 211.

If you’re still working, budgeting and saving to modify ꧒your home is a great alternative to taking out a loan. 

If you care more about staying in your community and retaining independence for as long as possible than remaining in your current home, selling it might be a better option. Some homes, especially older ones, are simply too cost prohibitive to modify to the level that will be best for you in your 80s. Selling your home and buying one specifically built for future mobility issues may help ꦡyou retain independence for longer than staying in a home with narrow doorways and four floors that would be impossible to make wheelchair accessible.

The Bottom Line

Aging happens to everyone. Consider the quality of life that you want for your golden years, and make changes now to ensure you can live the way you want to for as long as possible. Making modifications to age in place doesn’t have to be expensive, but if your home has characteristics that require extensive renovations, a home equity loan is 澳洲幸运5官方开奖结果体彩网:a way to fund those changes. Make sure you’ll 🦹be able to pay the loan back before taking one out and🐼 check to see what grants are available in your area.