A new Retirement Study of Canadians aged 55+, conducted by HomEquity Bank and The Brondesbury Group, detailed 58% of retired respondents stating that “staying in my home is critical for my quality of life”.
Most Canadian seniors want to remain in the family home as they age, but often must renovate and retrofit areas of the home as part of aging in place.
The study focused on Canadians aged 55yrs and older and asked if renovations were needed to remain in their home, as well as what type of renovations and retrofits would be necessary and how they would be financed.
Here, below, are the key findings of the study:
- 58% of respondents stated that improvements would be required.
- 46% stated that minor renovations would be required.
- 11% stated that major renovations would be required.
- 44% of respondents who stated that improvements would be required indicated that their kitchens and/or bathrooms would have to be renovated to improve accessibility.
A reverse mortgage is by far the best option for anyone 55yrs and older to use to renovate their home! The option to defer payments until the home is sold is what makes a reverse mortgage so attractive. The homeowner can enjoy their newly renovated home, which will add value when the home is sold, and not have to make any payments until they eventually decide to sell.