Could “Granny Pods” Be the Next Reverse Mortgage Alternative?

With many older Americans preferring to remain with their families rather than moving into a nursing care or assisted living community, a new solution has begun to gain popularity among the retired population and is expected to meet the rising demand of baby boomers for senior housing options: Granny pods.

The small, modular units are designed specifically to meet the medical needs of the aging population and they are a relatively less expensive option than moving into assisted living or another senior housing community.

MSN Money wrote about the new alternative this week. Could granny pods be a viable reverse mortgage alternative as well? 

A number of other units have recently arrived on the market. MEDCottage, a 288-square-foot modular unit created by N2Care of Blacksburg, Va., is designed to serve as a long-term-care housing alternative to nursing homes. The 12-foot-by-24-foot unit features a kitchen with a small refrigerator and microwave oven, as well as, a medication dispenser and handicapped-accessible bathroom.

Since the risk of falling is one of the main reasons people go into nursing homes, MEDCottage has defenses. They include a floor-mounted camera that monitors up to 12 inches off the ground, safety lighting and a lift that can carry the resident to the bathroom. MEDCottage also features devices that can monitor vital signs and everything from blood pressure to glucose levels.

“It’s not necessarily made to replace nursing homes but gives people an option who want their loved one close by. It offers a lot more than a spare room,” says N2Care CEO and founder Ken Dupin.

A cost-effective alternative
Because of their modular design, most assisted-living units can be installed as temporary structures. When they are no longer needed, they can be sold back to the distributor, allowing the homeowner to recoup part of the cost.

Read the original MSN Money article.  

Written by Elizabeth Ecker

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