Other options Posted on May 14th
If you don’t qualify for a reverse mortgage or the proceeds aren’t enough for you to live on, there are other options:
•Accessory apartments: Many elderly owners bought their homes years ago when they needed space to raise their young families. Now, though their houses are too big and costly, they don’t want to move. But by turning a section or a floor into an apartment, they can bring in extra money, gain some companionship or get help with chores.
Sometimes known as “in-law suites,” accessory apartments are separate, private living quarters in a larger home. They contain at least a mini-kitchen and a bathroom, and sometimes have a private entry.
Their feasibility often depends on the cost of modifying your house. You may need to move walls, rearrange plumbing or install heavier wiring.
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