Table of contents

#1 Why renovate?

#2 Common types of accessibility renovations

#3 Why are reverse mortgages a popular choice for funding accessibility renovations?

As we get older, there can be no denying the fact that even though we may love our home, it doesn't always remain practical to our changing needs. Health concerns and mobility issues might arise, making certain attributes of our home challenging. Climbing long flights of stairs may become an issue, and traditional bath and shower installations can create risks. While many people choose to sell their home and move to a retirement community or other environment that can accommodate their needs, others are opting instead to renovate. With a few minor tweaks, your dream home can remain just that, and can allow you the freedom and independence that you have always enjoyed.

Why renovate?

For many seniors, health issues arise that make living in their own home difficult. A two-storey home may pose a problem to those with mobility trouble or anyone requiring a wheelchair. Stepping into a bath may present a slipping hazard. But moving out isn’t your only option.

There are so many alterations and renovations that can be done to a traditional home that can make it much more accessible for seniors with accessibility needs, meaning that they can stay in the house that they love.

Common types of accessibility renovations

No matter what alterations your home may require to make it more accessible, there is a solution that can be easily implemented. Some of the most commonly requested accessibility renovations include:

• Bathroom renovations - Grab bars installed beside toilets and in bathtubs and showers can help prevent slips and falls, and special lighting can be installed to make it easier for those with visual impairments to see. Also, unique walk-in showers or zero threshold showers can make bathing easier, providing more independence with an increase in safety.
• Lower countertops - For those in a wheelchair, regular countertops are too high to use easily. Lowering your countertops is a great way to be able to use your kitchens and bathrooms again.
• Accessible closets - Revamping your closet by lowering the rods and offering storage solutions that are easier to reach is an excellent solution for anyone with mobility issues. 
• Flooring - Replacing your flooring is an excellent way to ensure that your home is safe for anyone with specific accessibility needs. Some flooring can be very slippery when wet and may pose a hazard for slipping. Other floorings, like carpets, may be challenging to maneuver on if you are a wheelchair user or need a walker to get around.
• Wheelchair ramps - Getting into your home can be difficult if you need to climb steps. Whether you use a wheelchair or have difficulty walking, installing a ramp to enter into your house can make life a lot easier.
• Wider door frames - If you find yourself having to use a wheelchair, one of your biggest obstacles in the home will be moving through the doorways. Most doorways (especially those in older homes) aren't wide enough to accommodate a wheelchair, but with some renovations, these frames can be widened to make moving from room to room an easier task.
• Stairlifts - Whether you’re faced with hip or knee problems, or require a wheelchair to get around, climbing stairs can be strenuous, dangerous, or not an option at all. While costly, stairlifts make maneuvering around the home a breeze.
• Home monitoring devices - A number of helpful solutions have become available in recent years, like Help buttons to contact authorities for medical assistance if needed, and indoor cameras or fall sensor mats to provide an added sense of security. These devices are easy to install and can make a living in your home longer a viable option for many seniors.

Why are reverse mortgages a popular choice for funding accessibility renovations?

Many people choose to sell assets in order to afford to pay for costly accessibility renovations. Others who don't have sufficient resources see no other option than to move to a retirement or long-term care home that can accommodate their needs.

There is a third option to consider, however. Reverse mortgages offer a great solution and can successfully fund all of the expenses that may be incurred in making accessibility renovations to your home.

Reverse mortgages are available to Canadians who are 55 years of age and older, and they allow you to borrow up to 55% of the total value of your home.

These mortgages require no regular payments. Rather, when the home is sold, or the homeowner passes away, the loan is paid back to the lender in full. For many seniors without plenty of cash on hand, reverse mortgages are often the best solution to fund accessibility renovations.

While accessibility renovations may be costly, they are worth it for those who wish to stay in their own homes longer. While a long-term care facility or retirement home may be able to meet your accessibility needs, this option means moving out of the home you love, often earlier than you would wish to. For those with accessibility needs, many see no other option than to sell their home. But with a reverse mortgage, maintaining your independence by funding some necessary accessibility renovations means staying home is a real possibility.

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