How a Long Beach Couple Used a Reverse Mortgage to Age in Place
Paid off their loan and set up a growing line of credit for safety upgrades and future needs.
A retired couple in Long Beach, both in their 70s, wanted to remain in their family home for the long term, surrounded by familiar neighbors and close to the doctors they had seen for years. They knew that staying comfortably would eventually mean planning for future healthcare costs and home modifications. Moving to assisted living felt premature and far more expensive than adapting the home they already owned.
The challenge
They were committed to staying put, yet aging comfortably and safely in the home would eventually require funds for accessibility upgrades and unexpected needs. A single-story layout helped, but bathrooms, entry steps, and lighting would all need attention over time. They wanted those resources available without straining the monthly budget they lived on.
The approach
Once their independent HUD counseling was complete, they used a HECM to pay off their existing mortgage and set up a growing line of credit reserved for future needs. This combination removed a required monthly payment while keeping funds available for later.
The outcome
They installed safety upgrades and built a cushion for the years ahead, positioning themselves to age in place without a significant impact on monthly cash flow.
Key results
- Existing mortgage paid off
- Growing line of credit reserved for future needs
- Funded home safety upgrades
- Planned to remain in the family home long term
Frequently asked questions
What does "aging in place" mean with a reverse mortgage?
Aging in place means staying in your own home as you grow older rather than moving to assisted living. A reverse mortgage can provide funds for home modifications, in-home care, or a reserve, while you keep living there.
Can a reverse mortgage pay for home safety modifications?
Yes. Proceeds can be used for almost any purpose, including grab bars, walk-in showers, ramps, wider doorways, and other accessibility upgrades that support aging in place.
What happens with a reverse mortgage if one spouse later moves to a care facility?
As long as one borrower still lives in the home as a primary residence, the loan does not become due. If a co-borrower moves to a care facility while the other remains at home, the reverse mortgage generally continues; it becomes due when the last borrower permanently leaves the home.