Continued from page C41

Security Income, you might automatically qualify for other public benefits that may allow you to postpone the need for a reverse mortgage. That way, if you do take out a reverse loan later, you may be able to receive larger advances because you will be older and the value of your house may have increased.

Also, by waiting, interest charges will eat less of your home’s equity. At the same time, though, you could jeopardize your public benefits by getting more cash than you need from a reverse mortgage because money in a checking or savings account at the end of a month is counted as an asset.

The National Council on Aging sponsors a website at www.benefitscheckup.org that will locate public benefits programs that may pay for some of your prescription drugs, healthcare, utilities and other essentials.

The one-stop site also explains how to apply for the more than 1,150 programs available in all 50 states and the District of Columbia.

If you don’t qualify for a reverse mortgage, or the proceeds aren’t enough for you to live on, here are some other housing options you might want to consider:

• Accessory apartments. Many elderly owners bought homes years ago when they needed space to raise young families. Now, even though their houses are too big and too 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 companionship or get help with household chores.

Sometimes known as “in-law suites,” accessory apartments are separate, private living quarters contained within a larger home. They contain at least a minikitchen and a bathroom, and sometimes have their own private entry.

• ECHO cottages. An arm’slength version of accessory apartments, elder cottage housing opportunities are small, separate units added in the side or backyard of a single-family house owned by your adult child or perhaps another loved one. That way, you can live near someone but not “with” them.

Unfortunately, many zoning ordinances do not allow elder cottages or allow for a variance only for occupants age 55 or over. Contact your local zoning office to find out if they are permitted. If not, try applying for a special-use permit, and solicit the aid of your local agencies on aging, senior centers or other groups with an interest in older persons.