Who remembers Phil Hill, Formula 1 motor racing World Champion in 1961? Phil is one of the great characters of motor sport and is still taking an active part in historic events. His latest idea is a winner, I think.

The plan is to build a residential development in Georgia with a race track attached for the sole use of the residents. This will work in similar fashion to the existing developments centered on golf courses. Most residents of such schemes are retired, of course, and the availability of sporting facilities for their exclusive use is a strong attraction.

At first sight, one might think Phil’s idea a little optimistic; there aren’t all that many retired racing drivers around, after all. But think of how many people must have longed to have a go in their younger days but never had the time or the cash. I am prepared to bet that there will be plenty of takers for the chance to re-kindle old dreams on the race track.

And I love the way this blows apart all those stereotypes of retirement. Just because we have reached the age of retirement doesn’t mean we’re ready to give up on life and settle into the shadows. I can imagine how much fun races on such a track would be, fun for the oldies for a change!

If the idea succeeds and this kind of development spreads, there might even be races between the residential schemes across the country, perhaps even a championship for retirees. That would be our chance to show the youngsters how it’s done!

So I wish Phil every success in his venture. A brilliant idea that deserves to win, just as he did all those years ago.

Falls are responsible for more deaths than heart attack and stroke in people age 65 and over. 95% of hip fractures are caused by falls and more than half, 55% of all falls, occur in the home. Falls can lead to serious injury and those who fall 2-3 times are more likely to fall again.

The National Safety Council recommends that you modify your home environment to reduce the common risks that cause trips and falls. Here are some tips:

* Use contrasting colors on floors and walls, lighter colors on floors is recommended.

* Keep walking surfaces level as much as possible. Use skid resistant surfaces on floors, rough tiles or carpets with short, dense pile. Avoid shag carpets and changes in walking surfaces from room to room.

* Keep it well lit. As we age we need brighter light than we did when we were in our twenties.

* Mount light fixtures on the wall within reach and use fixtures that have two bulbs. Make sure light switches are at the entrance to rooms.

* Watch out for extension and phone cords. Keep them short and out of the way. Do not run them under carpet as it could be a fire hazard.

* Install handrails and grab bars in the bathroom to minimize falls in the tub and when rising from the toilet.

* Handrails on stairs should extend beyond the last step at both the top and bottom of the stairs. Remove padded carpet treads from stairs. If possible, use a strip of bright color at the edge of each step.

Other Resources:

WebMD – Preventing Harm in Your Own House

NSC.org – Designs on Building Safe Homes for the Elderly

Reverse mortgages are of three different types but it is likely that only one will be appropriate to your circumstances:

1. Government agencies and nonprofit organizarions offer a reverse mortgage for specific needs, such as home repairs and improvements or property taxes. Although this type will have lower costs, it can only be used for the purposes specified and is intended mainly for low income applicants.

2. The Home Equity Conversion Mortgage (HECM) which is insured through HUD, the department of Housing and Urban development. You must be advised by a government-approved housing counseling agency before applying for this type of loan.

3. Private loans through other lenders who offer proprietary reverse mortgages.

Remember, you must be at least 62 years of age and live in your own home to qualify for most reverse mortgages. Proceeds are tax-free but the interest is not deductible from your income tax until the loan is paid off.

The most important step to take before considering a reverse mortgage is to consult a financial counselor.

In a reverse mortgage, the loan is against the equity of your house and so income has no effect upon the terms. With each loan advance taken, the equity will decrease, although there is usually a nonrecourse clause to ensure that no more than the value of the home can be taken as repayment of the loan. This affords some protection to the borrower, at least.

All debts on the property must be paid off before you apply for a reverse mortgage. And, once the loan is granted, it will not become due while you live in the house, unless you sell the property or move away.

Ownership of the home remains yours and so you will still be responsible for payment of taxes, maintenance and insurance that may accrue. Any default on these obligations can cause the loan to become due and payable. Certain other circumstances can cause the loan to become payable immediately. These can include renting out all or part of your home, taking out another loan on the home, declaring bankruptcy or the house being condemned as unsafe.

Lenders do usually charge fees for origination of the loan and closing costs. There may also be servicing fees. Interest rates on the loan may be fixed or variable. It is important to understand all the fees associated with your loan.

Next: The three types of reverse mortgages