May 18, 2021

May is Older Americans Month and June 15 is World Elder Abuse Awareness Day. During this time, we celebrate communities of strength created by older adults and we’re spotlighting resources that can help them achieve and maintain financial well-being.

This week we are sharing resources on housing and aging in place. 

According to the U.S. Census Bureau, nearly 80 percent of adults age 65 and older in the U.S. owned a home in 2020. For many older homeowners, choosing whether to age in place or move to a different home can be both an emotional and financial decision. Their home may be where they raised a family and built a community, but a home may also become a burden for some. The cost of upkeep could be difficult to afford on a fixed retirement income, as well as harder to maintain. A home could also become physically challenging if an older adult’s mobility declines. 

The COVID-19 pandemic may now also influence older homeowners’ decisions. Some older homeowners may now want to “age in place” and remain in their present home, rather than move to a community with supportive services, such as assisted living. Others may have become recently widowed and are trying to navigate housing decisions on their own. And some older adults and their family members can no longer afford to pay housing costs the way they could before the pandemic. 

We created the following resources for older homeowners to help them meet these challenges. 

COVID-19 Resources:

• A webpage for homeowners and renters during the coronavirus national emergency.
• Blog on how to avoid reverse mortgage shopping scams.

Reverse Mortgage Resources: Reverse mortgages are one way an older homeowner can continue to live in their home without making monthly payments. However, a reverse mortgage is a loan, and a complicated product with ongoing responsibilities. 

• Reverse Mortgage Discussion Guide: A guide providing an overview of key concepts of reverse mortgage loans for older homeowners considering a reverse mortgage.
• You have a reverse mortgage: Know your rights & responsibilities: A guide on the ongoing responsibilities of a reverse mortgage loan for older homeowners who already have a reverse mortgage.
• Reverse mortgage resource page: A webpage of reverse mortgage resources, including a short video explaining the product.

We encourage you to share these resources with older adults in your community. Learn more about Older Americans Month, World Elder Abuse Awareness Day, and the CFPB Office for Older Americans.