Renovating a home to make it "senior friendly" is sometimes an expensive proposition. Hiring in home caregivers can cost as much or more than a care facility. How to pay for these things is the question.

A loan has to be paid back. When you are living on a fixed income this is not always a "do-able" option.

Money can be taken out of savings, but this will reduce the amount needed to generate income for the future...also not often a good choice.

A Reverse Mortgage is another avenue for homeowners to finance home renovation. A Reverse Mortgage is a special kind of loan that makes home equity money available, but does not have to be paid back until the homeowner either moves out of the house or dies.

There are never any monthly payments to be made with a Reverse Mortgage. Because the funds are technically a loan, rather than income, there are no taxes due.

To qualify for a Reverse Mortgage both home owners (if a couple) must be over the age of 62. The amount available depends on the age of the home owner(s). The older the borrower, the larger the amount available.

When the loan comes due after the last surviving homeowner has left the house, whatever equity remains after the home is sold and the loan is repaid goes to the homeowner, the homeowner's heirs, or to the estate. An especially important safeguard is that the borrower will never be required to repay more than the value of the home at the time the loan becomes due. If the home decreases in value, the homeowner, or the homeowner's estate, will never be "upside down," owing more than the value of the home.

Funds from a Reverse Mortgage can be received as a lump sum, as a line of credit to be used as needed, or as a regular monthly payment. There are no restrictions on how funds from a Reverse Mortgage can be used. Many older home owners use these funds to renovate their homes, making them livable for the long-term. These renovations often include such things as widening doorways and halls, making bathrooms and kitchens accessible for walkers and wheelchairs, adding lever door openers, and installing ramps or elevators.

Others use the funds to pay for home care or day care, or for such necessary daily needs as private transportation. Using the funds from a Reverse Mortgage to pay for these things can make staying at home an affordable option for seniors who really don't want to move.