Here are some basics to follow:

Planning and thinking about your loved one’s future is key to being prepared for life’s challenges and to making well informed decisions.   There are many options available to assist them in maintaining their lifestyle in their home, of course their financial flexibility will play a major role.    

There are some minor physical modifications that can be made to a home to make staying in their home practical.  A professional can install grab bars near toilets and baths that will provide assistance while maneuvering in their bathrooms.  Replacing the bathroom and kitchen faucets with lever faucet handles will make turning the water on and off as well adjusting the temperature easier.  Replacing the hardware on the cabinets, drawers and doors in the home with easily graspable pulls and lever handles will make living in their home more manageable.  Increasing lighting by stairs, in the hallways, kitchen and bathrooms will prevent tripping and falling.  Installing rocker light switches will ease the use of the wall switches.  Also, be sure to make pathways clear and minimize the use of area rugs to prevent possible falls. 

You may want to consider hiring someone to assist your loved one(s) by providing personalized non-medical care services designed to help people maintain an active and independent lifestyle.  Often these services will include laundry, cleaning, cooking and even bill paying.  Many of these companies offer assistance with activities of daily living such as bathing, dressing, toileting, medication management as well as companionship options on a continuing basis or as needed. 

Consider hiring a service to maintain the yard and to remove snow from steps, sidewalks and driveway.   There are also companies that you can hire to perform inspections and various preventative maintenance tasks that will make their stay in their home safe and comfortable.  

There may be occasions when your loved one(s) may require skilled nursing care to come to their home.  This would involve a RN or LPN providing specific medical needs such as wound care, infusion therapy, tube feeding, catheter care and other skilled medical services as prescribed by a physician.  In some cases, some of these expenses may be covered under Medicare, Medicaid or other insurances.

One of the biggest challenges to overcome will be how to pay for the various modifications and services that they may need in order to stay in your home.   You or they may have savings or the ability to pay cash, but if they’re like most, they will need to consider financing this endeavor.  They may want to consider a traditional home equity loan or line of credit which can be useful for homeowners who are unsure how long they can continue to live at home.  They can get money quickly from these loans.  Lenders look carefully at their income, other debt and credit history. 

A reverse mortgage may be a better option.  A reverse mortgage enables the senior homeowner, to convert part of the equity in their home into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. Reverse mortgages are available to individuals 62 or older who own a home. No mortgage payments are due during the life of the loan.   The funds can be used any way they wish—for home repairs and improvements, healthcare expenses, in-home care, education, and supplemental retirement income. A reverse mortgage becomes repayable when the borrower sells the home or permanently moves out. The repayment amount can’t exceed the current value of the home. 

Americans of all ages value their ability to live independently.  But without a plan for aging in place, it can be hard for them to stay in control of their life.  Knowing the health risks and financial options can make a big difference in their ability to stay in a familiar place.