Looking at living solutions when you’re a senior, there is the option of buying a house and hoping to age in place.
There are two sides of the coin when it comes to homeownership versus renting: Owning gives you stability, but renting offers flexibility.
I am considering all my options. For instance, now I’m applying for home loans.
If I could buy a small house that had been recently updated that might be wise. Because then no one could yank the rug out from under me and steadily raise my rent. Or sell my home. Or refuse to fix maintenance issues while renting.
There is the fact that there are long lists for senior independent living in apartments and the costs are pretty high.
Owning A Home Versus Renting:
Owning a home when you’ve been renting looks pretty good when there is little upkeep and not much maintenance done where you happen to rent. And certainly no improvements.
I never thought I’d be paying $800 a month to what is in many respects a slum lord operation.
Over the weekend I learned that I could likely qualify for what is called a HOPP loan. This means that if you make less than $74,200 a year and are looking for a single-family home, HOPP loans can come into play. (But not when buying a condo.)
Money Paid In Rent In Less Than 10 Years:
I added up how much I’ve paid in rent since I moved to Tulsa less than 10 years ago. And it comes to over $81,000.
I got a little drop in my stomach when I saw that figure come up on my calculator.
(You might also want to read: Mortgages For Seniors)
HOPP Loan Program Features:
- 100% Financing* (Maximum loan amount of $250,000**)
- Closing Costs can come from savings, monetary gifts or assistance programs
- No Private Mortgage Insurance (PMI) Requirements (Usually required with a conventional loan. The most common way to pay for PMI is a monthly premium, added to your mortgage payment.)
- Refinances allowed
Many seniors go into retirement with their homes paid for. That is not the case for me. I wish it was.
Should You Buy A Home As A Senior:
But does that mean I shouldn’t look into homeownership at age 64? I realize that it is probably a bit harder to qualify for a loan at my age.
But all factors considered it boils down to how much I can reasonably pay per month. And whether I have debt factored in. Luckily I have no debt.
So it might be well worth my time to possibly find a small home that has been recently updated, should I decide to buy.
Quality Of Life/Aging At Home:
According to one AARP survey, roughly 90% of American seniors wish to live at home for as long as possible. Seniors vastly prefer aging in place to facility care, even in cases where physical or cognitive decline makes it difficult to live independently.
So then at some point in time, you may be looking at home health aides instead of the expense of assisted living facilities.
- 24-hour-a-day care at home
- Meals delivered to your home
- Homemaker services (like shopping, cleaning, and laundry), when this is the only care you need
- Custodial or personal care (like bathing, dressing, or using the bathroom), when this is the only care you need
All People With Part A And/Or Part B Who Meet All Of These Conditions Are Covered:
- You must be under the care of a doctor, and you must be getting services under a plan of care created and reviewed regularly by a doctor.
- You can read about the other conditions here due to length of article.
Resources For Home Health Services:
- Find Home Health Service
- How To Access Home Health Care For The Elderly
- Caregiver Resources & Long Term Care
As for myself, I don’t like to be around people all that much. So finding a small house to buy could be a good solution. I at least will be checking this option out.
Right now home prices are high. But so is rent.
My daughter Kendra, a real estate agent and house flipper, will be keeping an eye out for something that might be the right choice for me.
I am not in any great hurry at this point. And I want to make the best possible choice for me. She can steer me in the right direction.