NCOA advances programs that keep seniors independent.

Statistics show that up to 90 percent of seniors want to remain independent in their own homes for as long as possible. NCOA is working to make this goal a reality for thousands of older adults nationwide.

Tapping Home Equity

NCOA is a leading voice calling for safe, innovative ways for older homeowners to tap into their home equity to finance the services and supports they need to stay independent.

Approved by the U.S. Department of Housing and Urban Development, NCOA’s Reverse Mortgage Counseling Network helps older adults determine if a loan is right for them. Professionals schooled in both reverse mortgages and the needs of older adults help seniors find the right mix of financial and community-based services and benefits that will allow them to remain on their own. NCOA waives the $125 counseling fee for seniors who are facing financial challenges and those with modest incomes and does not charge a fee unless a senior decides to take out a loan.

NCOA also offers a 28-page consumer booklet on reverse mortgages, entitled Use Your Home to Stay at Home (Spanish version here). According to The Wall Street Journal, “If you or an aging parent is considering taking out a reverse mortgage, start by reading [this] excellent publication from the National Council on Aging.”

As today’s economic environment puts pressure on older homeowners to find new sources of retirement income and stretch their savings, growing numbers are starting to tap their housing wealth using home-equity loans or reverses mortgages. However, with little guidance, they are often unsure about how to include this asset as an integral part of their financial strategy, rather than as a last resort. Tapping Home Equity in Retirement: The MetLife Study on the Changing Role of Home Equity and Reverse Mortgages, issued by the MetLife Mature Market Institute (MMI) and NCOA, calls for a more comprehensive approach to ensure that this asset is used appropriately and effectively to deal with the growing uncertainties of retirement.

Long-Term Services & Supports

To remain independent, older adults need easy access to services and supports in the community. Services such as home-delivered meals, transportation, and senior centers allow older adults to stay self-sufficient. Many of these programs are funded through the Older Americans Act (OAA).

With the aging population growing rapidly, funding for OAA programs often fails to keep up with demand. In Congress, NCOA is a key advocate calling for increased funding for these vital programs.

Professionals:

•    Find NCOA programs that keep seniors independent.
•    Meet special-interest groups in NCOA that further independence.
•    Share discussions with others in the field.
•    Advocate for the Older Americans Act.

Seniors:

•    Call (800) 510-0301 to set up an appointment with NCOA’s Reverse Mortgage Counseling Network.
•    Download the Use Your Home to Stay at Home consumer guide (Spanish version here).
•    Find information on benefits, finances, senior centers, and more that will help keep you living independently.