Ask The Expert: Karen Totino Discusses Some Of The Financial Implications Of Aging In Place

Hey everyone that’s karen Totino from the Saratoga home team as part of the Miranda real estate group and I am here to talk to you about actually it’s the last video of a three-part series I did on Aging in place in the first video we discussed basically what Aging in Place is which is person’s ability to live independently.

And community regardless of age income or ability level in the second video we talked about.

Home improvements that I discussed a few of very many possible improvements that you can make to your home to make aging-in-place easier and more attainable and then in this video we’re going to I’m going to talk to you about the financial implications of making some of.

These improvements and just to touch upon some things that you might not have thought of so the first is.

Whether some of these improvements are.

Deductible and they are however if there’s a increased value to your home you would have to take the difference between the increased value and the cost of the improvements and that would be what would be deductible again this.

Is something that you’d want to discuss with your accountant also to labor may not be covered by insurance or.

Financing or grants so for example if you needed a stair lift the stair lift the cost of the stair lift might be covered by these but the laborer would not be so that’s something that.

You have to plan on and bear in mind so some different ways to finance these improvements could be possibly a reverse mortgage or using your home equity that as a possibility also you might be eligible for a 203k loan which is a.

Renovation loan so that is a very practical and good use for that about financing also there’s specific grants that are available for veterans and also lastly there’s some different charitable organization and grants for example locally we have rebuilding.

Together Saratoga which which helps people in need and then also if you’re renting you also want to keep in mind the American with Disabilities Act so that obligates landlords to make reasonable accommodations for people with disabilities so that they have equal opportunity to use and enjoy.

Living accommodations and common areas so I just wanted to kind of start start at the dialogue and these in these videos and start you thinking about some of these things I know that they are difficult to talk about an address but it’s really important and I always say planning ahead before you’re in a.

State of emergency makes life a lot easier and enjoyable for everyone so if you have any questions please.

Reach out to me whether you would like me to do a home assessment or just have some questions I’m happy to help and.

I will talk to you guys soon thanks for spending these this time with me in these videos okay bye.