WASHINGTON, D.C. – April 29, 2013 – (RealEstateRama) — In an op-ed that appeared this week in The Miami Herald, former Housing Secretary Henry Cisneros described reverse mortgages as an “important tool” that for some seniors can finance home modifications that will allow greater independence.
“The Federal Housing Administration and others,” he added, “should work to ensure that consumers receive effective guidance regarding the mechanics of these financial products.”
He also challenged the federal government and local communities to expand access to services and amenities that enable America’s aging population to continue living independently as they grow older, a concept better known as “aging in place.”
Citing his 86-year old mother as example, Cisneros said, “as a nation, we need to think more creatively and strategically about how our homes can accommodate the desire to age in place and become cost-effective platforms to improve health and longevity for an aging population.”
Cisneros co-chaired the Bipartisan Policy Center’s Housing Commission, which recently published a report that offered recommendations on a broad range of housing issues, including the housing challenges facing America’s burgeoning senior population and the strong desire of seniors to “age in place” and live independently in their own homes and communities.