When you hear “virtual reality” (VR), you might picture tech enthusiasts, gamers, or even artists. While these early adopters helped put VR on the map, the technology has grown to offer much more—and it’s not just for the younger crowd!
What is Virtual Reality?
VR technology allows users to step into a fully immersive, three-dimensional environment. By wearing specialized headsets and accessories that project high-resolution videos,1 you’re instantly transported to another world where high-resolution visuals surround you. This technology simulates real-life interactions, utilizing a variety of senses—sight, sound, and even touch or movement.2
VR opens up incredible possibilities, enabling you to explore new landscapes, engage in interactive experiences, and perform tasks that might otherwise be impossible—all without leaving your home.
And getting started with VR has never been easier. With major tech companies like Apple, Meta, and Google offering their own devices2 at various price points, there’s something to suit every interest and budget. Once you’ve got your headset and a sense of curiosity, you’re ready to explore!
For older adults in particular, VR offers more than entertainment—it’s a gateway to exciting opportunities, meaningful connections, and even better health.
Despite nearly 70% of adults aged 50 and older having one or more chronic or serious health conditions, only 13% are utilizing tech devices or digital services to support their well-being.3 By investing in tech tools like VR, you can unlock a range of immersive benefits that enhance quality of life and make everyday challenges more manageable.
Putting Virtual Reality to Work
- Memory Care: As noted, one of the most compelling reasons to invest in VR may be the health and wellness benefits—particularly in supporting cognitive functioning as we age. Multiple studies have found that VR interventions can improve the well-being of older adults living with mild cognitive impairment, and those living in long-term care facilities. Specifically, research has found VR can improve emotional and social well-being, memory, attention and information processing speed, and executive function.4,5 Finding ways to seamlessly incorporate health-boosters in your day-to-day life means you can stimulate cognitive functioning without exerting excess effort in your routine—and all while having fun!
- Travel: There’s a reason travel is often at the top of our bucket lists—the opportunity to experience new cultures, experience brilliant sights, and immerse ourselves in our interests is very special. However, the logistics and cost of traveling often make it a challenging feat. As we age, planning and embarking on major excursions can be overwhelming and put stress on our bodies and wallet alike. Allocating funds, booking flights, coordinating with family and friends, and figuring out itineraries can pose challenges that unfortunately make some trips outright impossible.
Thankfully, with increasingly impressive virtual reality technologies, it’s possible to explore new places and immerse yourself in other cultures right from your couch! The 360-degree experiences that VR provides empowers you to explore far-off destinations, experience new cultures, and revisit cherished places, all without leaving home. Apps like Wander, Nature Treks VR, and Google Earth VR make it easy to enjoy immersive adventures, even if mobility is a concern. - Connecting with Others: Staying socially engaged in retirement can sometimes feel tricky, especially when friends and family live far away. Thankfully, VR is bridging the gap, offering more lifelike ways to engage than video calls. And, when you’re able to connect from your own home, it’s often easier to set time aside and make it a priority.
With certain VR-compatible applications, you can participate in shared experiences with others, even watching the same movies and playing games together. 7 Finding ways to create new memories despite facing the challenges that distance often poses on close relationships, you are better able to protect your mental wellbeing and connections with those you care about. - Personal Enjoyment: VR offers a wide range of games and activities to get your mind and body moving in new and fun ways. You can choose to work on puzzles, go on virtual adventures, and even watch sports events or concerts with others.6,7 An understated benefit of enjoying these opportunities from home is safety. By engaging in virtual worlds, you can avoid the risks that come with travel and other potentially hazardous physical activities. And you may be emboldened to try something new and get exposure to things you may otherwise have stayed away from!
- Cost Savings: Another benefit of incorporating virtual reality into your life is the associated cost savings. It’s no secret that activities and travel often come with a hefty price tag—everything from transportation and lodging costs to ticket or entry fees. These expenses can compound over time and put unnecessary strain on your budget. By replacing or supplementing these costs with VR, you can achieve substantial savings over time.
While VR technologies can provide opportunities to enhance your health, relationships, and personal enjoyment, it’s of course important to maintain a well-rounded lifestyle in the physical world as well. Meeting face-to-face with others, getting time in nature, and engaging in real-world activities is still as important as ever and cannot be entirely replaced. Virtual reality makes it possible to increase the frequency and ease with which you can participate in these activities and can be an excellent addition to a balanced lifestyle that adapts with you as you age!
Supporting Your Passions with a Reverse Mortgage
Virtual reality, along with other popular forms of technology, can play a huge role in supporting us as we age. The savings from these devices can have huge payoffs in the long run as you keep up your health for longer and potentially delay or even eliminate the need for assisted-living or long-term care facilities later in retirement. Of course, like any technology, VR requires an upfront investment. If budgeting for a VR setup feels like a stretch, a reverse mortgage can provide the financial flexibility you need. Designed for older homeowners, a reverse mortgage allows you to access your home’s equity to fund your goals, whether it’s embracing new technology, upgrading your home, or simply enjoying retirement to the fullest.
With a reverse mortgage, monthly mortgage payments are optional as long as you maintain your home and keep up with property taxes and insurance. Plus, you have the freedom to use the funds however you see fit. Maybe you’ll fund home improvements to age in place, plan a real-world trip inspired by a VR adventure, or build a financial safety net for peace of mind.
And with flexibility in the way that you receive the proceeds from your loan, you can optimize the way you utilize your hard-earned cash!
If you’re considering investing in yourself with the help of a reverse mortgage, Longbridge Financial is a great place to start! Our experienced loan officers are ready to help get to know your personal situation and understand what you hope to achieve with your loan, all in an effort to help you make a fully-informed decision for your future. To learn more about how a reverse mortgage can work for you—and to see how much you may be eligible for—contact the Longbridge team today!
