Aging in Place

PERSONAL FINANCE

Understanding Your Expenses: Housing Affordability Is your monthly mortgage or rent payment so high that you are left without enough money to cover your other monthly expenses ? (note: a monthly mortgage or rent payment that is more than 30% of monthly income is considered unaffordable and can leave you vulnerable if unexpected or emergency expenses come up.) Yes____ No____ Not Sure ____ Have you considered any of the following ways to reduce monthly housing expenses to help increase affordability? Note: each of these strategies carry their own pros and cons.  Using your home equity to supplement your income (such as a Home Equity Loan or Reverse Mortgage) ( Buyer beware! Although a reverse mortgage can be very helpful in improving your monthly cash - flow, make sure you research the terms thoroughly before signing. Not all reverse mortgages are the same, and some can be a bad deal.)  Refinancing your mortgage at a lower interest rate (same caveat as above)  Property Tax Deferral plan for seniors (if applicable in your state/county)  Downsizing/finding a less expensive home

 Remodeling your current home to offer rental space for living or storage  Adding energy efficiency measures to your home to reduce utility bills  Home sharing  Remaining in your current home and reducing your other expenses  Moving to a lower cost area

Do you know the age of your appliances and other high - cost systems in your home (e.g. roof, heat pump) and their estimated replacement date(s)? Yes____ No____ Not Sure ____ Do you think you will have sufficient funds to repair or replace some of these high - cost systems when needed? Yes____ No____ Not Sure ____ If you answered “ yes ”, what is the source of funds? __________________________________________

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Aging in Place: Your Home, Your Community, Your Choice

Personal Finance