As seniors age in place, pets could encourage health and friendship

Older homeowners have an overwhelming preference to age in place, but these circumstances can also come with unique challenges. Feelings of isolation and loneliness rank highly among these issues, but a recent study suggests that aging in place with a pet can make a big difference.

The study, highlighted in Psychology Today, also noted that having pets in later life can come with its own set of unique challenges, according to Ann Toohey, one of the authors of the study who is based at the University of Calgary.

The study followed initial interviews conducted in 2015 by examining how owning a pet impacted the lives of older people aging in place in their homes. According to the study, several takeaways emerged, including that the companionship of a pet makes a difference in their owners’ lives. While the companionship provided is understandably different from what is offered by another person, it also came with other potential social benefits for the seniors who owned pets.

“As it happened, most of the people in this study were single,” the report in Psychology Today noted. “Having a dog, in particular, was a good way to get to know other people, so pets could also increase the size of participants’ social networks.”

Finding pet-friendly housing can be an issue, according to the respondents. While the subjects were committed to keeping their pets, the housing challenges that pets can present made for a unique challenge.

“Because people did not want to give up their pets, they sometimes had to accept housing that was less than ideal or even not safe due to other people in the home,” the report explained.

Pets can also have other impacts on an older person’s mental well being, the study found, particularly if an older pet owner endured certain health-related challenges.

“As people got older, they sometimes had difficult circumstances to deal with, such as serious issues with their own health,” the report said. “Caring for their pet provided meaning through these hard times, and a sense of things continuing to be the same, at least in some regards. In this way, the pet helped them to cope with the challenges.”

Toohey added that while the seniors profiled in the study were generally committed to keeping their pets, the potential housing challenges that pet ownership can present for some older people seeking housing need to be addressed.

There is a lot of potential for what she calls “companion animal relationships” to promote health in “many ways that are salient to aging.” These include spurring physical activity by walking a pet, companionship and potential involvement in pet-centric social activities with other pet owners. But certain challenges are also a factor, including the cost of pet supplies, a lack of affordable support if a pet owner becomes ill, and the need for veterinary care.

There are also housing-related challenges, which could include “the prevalence of no pet rules to size restrictions to extra fees,” she said.

In terms of housing policies tied to aging in place, these barriers could have the most impact, according to the report.

“Greater availability of seniors’ housing that allows pets would be very beneficial and would make it easier for people to age in place with their pet,” the report said. “This would benefit those who aren’t seniors too, as more pet-friendly housing would help a wide range of people.”

This is on top of other well-documented challenges older people can face when trying to age in place. These include the high cost of long-term care, a need to create more walkable communities and housing supply illustrates that impact prospective homebuyers of all ages.

Have A Question?

Use the form below and we will give your our expert answers!

Reverse Mortgage Ask A Question

Start Your Loan with DDA today
Your local Mortgage Broker

Apply for a Loan

Mortgage Broker Largo
See our Reviews

See All Google Reviews

Looking for more details? Listen to our extended podcast!

< Older Post Newer Post >

Check out our other helpful videos to learn more about credit and residential mortgages.

Is it time to prequalify for a mortgage now

By Didier Malagies • January 20, 2025

1. Assess Your Financial Health Credit Score: Check your credit score (usually 620 or higher is required, though higher scores get better rates). Debt-to-Income Ratio (DTI): Calculate your monthly debt payments compared to your gross monthly income (lenders typically prefer a DTI below 43%). Savings: Ensure you have enough for a down payment (typically 3-20%) and closing costs. 2. Gather Financial Information Lenders will need the following: Proof of income (pay stubs, tax returns, W-2s/1099s). List of assets (savings, investments, retirement accounts). Details of current debts (credit card balances, student loans, etc.). 3. Choose a Lender Research different lenders, including banks, credit unions, and online lenders. Compare prequalification options (many allow online applications). 4. Complete the Prequalification Process Fill out the lender’s prequalification form (online, over the phone, or in person). Provide basic details about your income, debts, and assets. 5. Review Prequalification Results The lender will give you an estimate of the loan amount and potential interest rate. Remember, prequalification is not a guarantee of approval and doesn’t involve a hard credit inquiry. 6. Follow Up with Preapproval If you’re serious about buying, consider getting preapproved, which involves a more in-depth review and is stronger than prequalification. Tips: Use online calculators to estimate affordability before reaching out to lenders. Avoid large purchases or opening new lines of credit during the prequalification and preapproval process. Would you like details on specific lenders or tools to compare mortgage options? tune in and learn at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

USA Today: If Social Security falters, reverse mortgages could be worth a look

By Didier Malagies • January 13, 2025

Many retirees have said they rely largely — and sometimes entirely — on Social Security benefits as their primary income stream in retirement . But in instances where these payments may not be enough to make ends meet, other options should be considered — and in the right situation, a reverse mortgage could be one such option. That’s according to a column published this week by USA Today , which assessed reverse mortgages in tandem with options such as personal savings, a part-time job and other benefits programs. “A reverse mortgage is a possibility for seniors with substantial equity in their homes,” the column stated. “It essentially enables you to borrow against your equity, and you aren’t required to make any payments while you’re still alive as long as you live in the house.” The column is likely referencing the Home Equity Conversion Mortgage ( HECM ) program insured by the Federal Housing Administration (FHA). Loan proceeds are dependent on the amount of equity in the home and current interest rates, the column noted, and there are multiple disbursement options available, the column noted. The minimum age requirement of 62, a core tenet of the HECM program, was also mentioned. “There are closing costs and other fees, and you’ll still be responsible for maintaining the property and paying the property taxes and homeowners insurance,” the column noted. It characterized the loan as a “solid option” for those who have few other assets beyond their homes, adding that “it might not be the right move if you intend to pass the property on to your heirs someday. After you pass away or move out of the home, you or your estate will have to repay the loan. This will reduce how much your heirs receive.” Recent survey data from Clever Real Estate highlighted some realities of relying on Social Security benefits in retirement. Roughly one in five respondents in the 1,000-person survey said they rely exclusively on Social Security benefits as their sole income stream in retirement, with nearly 30% saying they believed they would be able to rely on them. Last year, data from Nationwide suggested that an increasing number of older investors believe that retiring at the age of 65 is no longer a realistic option . This is largely tied to higher levels of stress they’re feeling about the economy and the cost of living.

Is it a good time to buy a home

By Didier Malagies • January 13, 2025

Deciding whether it’s a good time to buy a home amid higher interest rates depends on several factors. Here are some considerations to help you make an informed decision: 1. Your Financial Situation Affordability: Higher interest rates generally lead to higher monthly mortgage payments, which could impact your ability to afford a home. If you have a stable income and can comfortably manage these higher payments, it might still be a good time to buy. Down Payment & Savings: A larger down payment can reduce your loan size and help lower the impact of higher interest rates. If you have substantial savings, it could make sense to buy now, as you’ll likely have more equity and lower monthly payments. 2. Long-Term Investment Housing Market Trends: If you plan to stay in the home for several years, you might benefit from the property appreciation over time, even with higher interest rates. Historically, real estate tends to appreciate in value over the long term, although this can vary by location. Refinancing Opportunity: If interest rates eventually drop, you may be able to refinance your mortgage later at a lower rate, reducing your monthly payments. 3. Market Conditions Home Prices: In some areas, home prices have been high due to increased demand, so you may still face elevated prices despite higher interest rates. It’s worth considering whether you’re willing to pay the current asking price for homes in your area. Seller Motivation: In a high-rate environment, some sellers may be more willing to negotiate, especially if they’re facing longer time on the market. You might have more room to negotiate on price or terms. 4. Personal Goals If owning a home is important to your personal goals and lifestyle, it might make sense to move forward, even if rates are high. However, if your plans are more flexible and you can wait for a more favorable rate environment, it could be worth waiting. 5. Alternative Financing Options Adjustable-Rate Mortgages (ARMs): Some buyers opt for ARMs, which start with lower rates that can adjust after a certain period. This might be a way to secure a lower initial rate, but you should be comfortable with the possibility of future rate increases. Other Financing Programs: There are some government-backed programs (like FHA or VA loans) that may offer lower rates or down payment requirements, depending on your eligibility. Conclusion: It’s a mixed scenario. Higher interest rates generally make it more expensive to borrow, but if you’re financially prepared, plan to stay in the home long-term, and can find a property at a fair price, it could still be a good time to buy. On the other hand, if you’re concerned about affordability or want to wait for rates to decrease, it might make sense to hold off. Always consider speaking with a financial advisor or mortgage expert to get personalized advice based on your situation. tune in and lat earn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329