Seniors must renovate their homes to age in place

Most seniors want to remain in their family homes as they age, but must often renovate and retrofit their places to make them senior-friendly.

That’s according to the results of a survey of 300 homeowners 55 and older by HomEquity Bank and Ipsos Canada. The survey asked people if renovations were needed to remain in their homes.

Read: Cost of detached home in Toronto hits $1.17M

The survey found:

• 58% of respondents stated improvements would be required.
• 46% stated minor renovations would be required.
• 11% stated major renovations would be required.
• 44% of respondents who stated improvements would be required indicated their kitchens, bathrooms or both would have to be renovated to improve accessibility.

The study also showed how respondents planned to finance improvements: 62% plan to draw on savings; 25% plan to arrange a reverse mortgage or HELOC; 11% plan to utilize investments; 9% plan to sell existing assets; and, 7% plan to use other types of loans.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.