Weighing the Pros and Cons of Senior Living Options
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As a senior citizen, you have many options on where and how you’ll choose to live out your retirement years. The most popular are assisted living, aging in place at your current home, or moving to a new home that is already designed to accommodate your changing needs. But, how do you choose? As the George Woods Home Selling Team explains, it all comes down to your personal situation, finances, and desire to maintain a home as you get older.
Assisted living facilities offer seniors crucial opportunities for both care and socialization. These benefits make assisted living an excellent option for seniors that need hands-on care and that may have to transition into dementia care or hospice services in the long term.
The only significant downside to assisted living is cost. Because it includes the vast majority of seniors’ needs, including food, shelter, and nonmedical care, assisted living is not the least expensive option for older adults. Fortunately, many seniors have enough equity in their home to cover many years’ worth of assisted living fees.
Aging-In-Place At A Current Home
Aging-in-place at a home that’s been lived in for many years is another option for seniors that do not wish to feel as though they’ve lost their privacy. There are many benefits here, including being in a comfortable environment and not having the expense of moving or suffering a heart-wrenching process of clearing out a long-owned family home. However, there may also be expenses involved, including retrofitting a house, particularly one with stairs, to accommodate mobility issues.
Like selling a home to move into assisted living – which Realtor George Woods of the George Woods Home Selling Team can assist with – seniors can also capitalize on their equity, which is often the majority of their net worth, while remaining in place. This is often achieved by a process known as a reverse mortgage. According to BankRate, a reverse mortgage is not without its faults; however, low interest rates and a delayed payment schedule are attractive. A reverse mortgage doesn’t have to be paid until the senior moves or dies, the latter of which involves no cash repayments. Instead, the bank issuing the reverse mortgage takes ownership of the home.
Moving To A Ready-Made Property
Seniors age 55 and up may also elect to say goodbye to a high-maintenance home and move into a senior community. These neighborhoods are designed with an active lifestyle in mind. Many offer a fitness center, swimming pool, and planned activities, such as a neighborhood dance party or tailgate.
The downside to a 55+ community is that they are age restricted and highly regulated. In most cases, only those age 55 and older may reside, even temporarily, at the home. And, although they are owned individually, there may be additional fees similar to what you’d find in a homeowner association, required separate from the mortgage.
You’ll need to plan for the cost of moving as well. Moving expenses can be significant, especially if you’re moving large items or relocating cross-country. To find reputable movers, visit online service directories to read up on mover ratings and reviews and explore deals in your area.
Before choosing any type of accommodation, Investopedia suggests first comparing needs as well as amenities included in each. As a senior, there are many options. Choosing the right one is an individual decision that necessitates time and attention. However, no matter what you choose, know that there are pros and cons. You just have to decide what’s most important and what fits your lifestyle and budget.
The George Woods Home Selling Team provides outstanding real estate services based on ethics, values and client care. Reach out to realtor George Woods today for more info! (717) 324-2500
Article provided by Suzie Wilson
October 3, 2022 at 12:05 PM
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