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What are my resources to help me remain at home? Once you have evaluated and
understand the challenges of living at home, then you need to look at
the resources you have available.
Support:
Most older
adults depend to some degree on the help from family members and
friends. Children can run errands, provide transportation, and maintain
the house. Neighbors might help with yard work or home repairs. Family
care giving can be rewarding, however relying solely on this option
needs to be considered carefully. Caregivers may develop health
problems because of the strain of these activities. Working caregivers
may have to give up, or cut back on their jobs in order to provide help.
Personal
Finances:
A chronic health condition may take a big part of retirement
"nest-egg". Reviewing finances are an important part of the decision to
remain at home. It is important that you work out your income and
living expenses to get a realistic monthly cash flow analysis.
Home
Equity:
Home equity is the difference between what your house is worth
and what you owe on any mortgages or home equity loans. You've probably
owned your house for many years, and it could be worth much more than
what you originally paid.Tapping into the equity of your home can
quickly give extra cash to make home modifications or help pay the day
to day living expenses.
It can be a very emotional decision to
tap into home equity. Many people feel it is important to leave an
inheritance for their children. Preserving the equity in your home must
be carefully examined against the risk of not having enough funds to
continue to stay at home. Pinching pennies can lead to poor nutrition,
health complications, or serious accident because home modification
precautions were not put in place.
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