A survey of more than 1,000 older Americans found that while 76% of all respondents said they plan to age in place in their home, one in six respondents viewed it as a “financial necessity” given the rising costs of other care settings and living facilities, and that one in four (25%) respondents do not expect to receive any help as they age.
Nearly half of respondents (47%) characterized aging in place as both a preference and a financial necessity in tandem.
The survey, conducted by caregiver supply marketplace Carewell, also found that there were several associated concerns that older Americans have with aging in place.
“Where seniors live also affected their outlook on aging at home, with some experiencing safety concerns or uncertainty about staying at home,” the organization said.
The leading concern, for 64% of respondents, was health. This was followed by safety (41%); family or caregivers struggling with care needs (39%); and isolation or loneliness (36%).
One-third of respondents (33%) were concerned with becoming a burden to friends or family, while 29% were worried they would not have enough support from either family members or their local communities.
The survey also found that seniors residing in rural parts of the country were more likely (81%) to say they’re planning to age in place, compared with those living in urban (77%) and suburban (73%) areas. Those living in suburbs were “the most uncertain — 27% felt unsure or unwilling to stay,” the survey results said.
The lack of expectation for any assistance in later life by one-in-four respondents was seen as “alarming” by the organization. This could shape any plans or broader goals they may have for independent living in later life, a priority for most older Americans as the population gets older with time.
But long-term care services are also seen as essential for opening up the possibilities of remaining in the home.
A recent study authored by researchers at Johns Hopkins University’s Bloomberg School of Public Health suggests that the integration of health, social services and community-based support systems must be improved to better accommodate the desires of older Americans.
“Aging in place” is but another overused term in the industry. Congress tells us in HECM law what their goal was in enacting the HECM insurance provisions in its opening paragraph, titled simply “Purpose” which states the following:
“(a) Purpose
The purpose of this section is to authorize the Secretary to carry out a program of mortgage insurance designed—
(1)to meet the special needs of elderly homeowners by reducing the effect of the economic hardship caused by the increasing costs of meeting health, housing, and subsistence needs at a time of reduced income, through the insurance of home equity conversion mortgages to permit the conversion of a portion of accumulated home equity into liquid assets; and
(2)to encourage and increase the involvement of mortgagees and participants in the mortgage markets in the making and servicing of home equity conversion mortgages for elderly homeowners.”
Some swear that President Ronald Reagan attributed his signing the HECM portion of the passed bill into law, somehow had something or another to do with “aging in place.” The problem is no one has cited any document that says that. Yet since there was no H4P until fiscal year 2009, it seems aging in place was an underlying assumption in the law, even if not stated by the President or members of Congress who passed by the provision.
It seemed to be understood in the passed bill, since one had to reside in the collateral for the majority of typical calendar to avoid defaulting on a HECM.
Since as a CPA, facilitating the origination of a HECM for a client back in 2004, we have seen article after article repeating the basic information shown above. That is “old news,” as a fellow corporate officer used to say with great frequency. It is hard to believe that at the beginning of calendar year 2025, such enforcement of this concept is needed. This shows how little the industry has grown in the last twenty years. In fact we grew to over 4 times the HECM endorsement volume we had last fiscal year but then the series of falls we have endured over the last 15 plus years (what seems like a near death experience resulting from a thousand cuts).
Somehow “aging in place” does not seem as “exciting” or “enlightening” as it once did. For growth and expansion, we need to find and focus on ideas that will enlighten and excite and less on mere, accepted facts like “aging in place.”