Richard Hayman, 67, and his wife Carolyn are shelling out $110,000 to complete a strategic part of their retirement plan. They aren’t purchasing a fixed annuity. They're making their 1978 Rockville, Maryland, tract house a place where they can age gracefully. “We avoided nursing homes for our parents, and we want it to be the same for our kids,” says Hayman.
The Haymans' desire to stay put -- aging in place is the popular term -- isn’t surprising. An AARP survey found that more than 80 percent of us want to stay in our homes as we grow old. And as boomers go, so goes the remodeling industry. The National Association of Home Builders (NAHB) says since October, 2008, the number of members with a Certified Aging in Place Specialist designation (CAPS) has more than doubled, to 4,751.