It's really nice to hear that you have lived in a home that has brought you happiness and will continue to do so in the future. Typically, people look at real estate as an investment that will get a good return on their dollar when they sell and move on. Therefore, "over improvement" can be a factor. In your case, you will stay in your home so your return is in your quality of life. Temper this with a good plan for your financial and medical security while you live in the house and you will have a winning combination. Consider universal design concepts when planning your project. http://www.universaldesign.com/about-universal-design.html They will keep you safe, secure and flexible in supporting healthy and productive lives.

I'm not sure what you are asking. If you go into remodelling debt that you cannot pay off before you retire (and your income goes down), you may have difficulties staying in the remodelled house. If you need to sell and the house sale doesn't clear enough for your needs because no one will pay for your improvements, that could be a difficulty. For example, you put on a new copper roof in a neighborhood where everyone has asphalt shingles. You will probably not find a buyer who will pay extra for the copper roof.

If you want to stay forever, you may want to consider universal design changes for doorways, bathrooms, kitchen, etc. that will accommodate wheelchair and walker use. A room with adjacent bath and sitting area for a live in assistant can be useful, too.

Having the priciest house in the neighborhood can reduce resale value, because someone in that price range will want to be in a neighborhood of similar homes. Also, if you are not independently wealthy, it is important to consider the fact that the best ROI on remodels runs from under 50% to 70%. So, you put $50,000 into a remodel, you are guaranteed to lose at least $15.0. There is also a little formula that says that money doubles in multiples of 72, either 12 years at 6%, or 6 years at 12%. So, your $50.0 can either cost you $15.0, or grow into $100.0, depending upon what you do with it. Everyone hopes to stay in their house to the bitter end, but unfortunately, that is not always possible, as many people will tell you. Continuous or assisted living care is very expensive. Something to think about if you are close to retirement, even if you don't want to.

Thanks for all the advice from the pros. I greatly appreciate it! Those others who are assuming to know our financial position, need not worry. We are in good hands.