As you grow older, you may need to renovate your home to help accommodate your age, such as fitting in a chair lift or perhaps handles in the shower. But these do not often come cheap.
Stair Lifts: On average, $2,084
Shower Grab Bars: $207 per bar
Electric Wheelchairs: $7,000
Wheelchair Ramps: $250 per foot
Remodelling your home to help with age can be a real drain on your savings, it may even be a necessity you cannot afford.
With a Reverse Mortgage, you could use the money in your property to help with these costs, to help you in your home throughout your retirement. You can release money from your home and spend it as tax-free cash, either as one lump-sum or as a line of credit to spend throughout your lifetime.