Aging at home is the preferred option for most Canadian seniors these days, but it’s important to take your health, safety and long-term comfort in to account. Making sure every room of your home has been updated to support you in your golden years is crucial to successfully aging at home. At the same time, renovations can get expensive, and knowing where to start can feel overwhelming.
“A lifestyle mortgage, also known as a reverse mortgage, is a multi-purpose solution for seniors and can be especially helpful with accessibility renovations,” says Rich Ulvild, a Surrey mortgage broker. Ulvild helps many local seniors secure lifestyle mortgages, and also offers insights on some of the most common accessibility renovations seniors make in their homes.
Unfamiliar with lifestyle mortgages or worried they may not be the right option for you? Check out our two earlier instalments with Rich Ulvild for a more in depth look at what lifestyle mortgages are and how they can help.
- READ MORE: Lifestyle mortgage Fact vs. Fiction
- READ MORE: The Who, What, Where, When and Why of lifestyle mortgages
If you’ve recently made the decision to stay in your own home rather than moving into an expensive care facility, then you likely already know that your home is going to need some renovations to ensure it remains a safe place for you and your loved ones.
“If you’re a senior looking to age-in-place in your own home you’ll likely be needing at least the most common accessibility renovations done to ensure your comfort and safety.” Ulvild says. “I’ve personally worked with many seniors who were planning on using at least some of their lifestyle mortgage to renovate and upgrade their homes. Lifestyle mortgages are low risk, have no monthly payments and they are quite easy to qualify for.”
Common accessibility renovations:
- Walk-in bathtubs and showers
- Lowering existing counters/cupboards
- Grab bars or safety bars in bathrooms
- Stairway solutions
“The BC government also offers a home renovation tax credit for seniors and persons with disabilities,” he says.
Eligibility and specific details of the tax credit can be found here.
Lifestyle mortgages aren’t just for accessibility renovations. They can also provide supplemental income, an early inheritance so your grandkids can buy their own first homes, or even for taking that once-in-a-lifetime vacation.
For more information on lifestyle mortgages and all your other mortgage-related questions, call Rich Ulvild at 604-803-1456, email rich@mylendingexperts.ca or find additional information at mylendingexperts.ca.