8. Planning for the Home

According to Dorothy, from The Wizard of Oz, “There is no place like home. There is no place like home.” Apparently, Dorothy was fond of repeating herself. But, the question of housing options for senior citizens is one worth repeated examination. There are many things to consider in proper planning for housing for seniors, including Reverse Mortgages, paying off a mortgage, private mortgage insurance, refinancing, life estates, and selling your home to your children and then renting it back.

Many senior citizens want to stay in the homes they have lived in for so many years. Their homes are familiar places with which they have an emotional attachment. According to figures supplied by the Department of Housing and Urban ...

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