These homes enable older adults to live near their kids and grandkids without actually moving in with them. They give everyone involved privacy while allowing homeowners, usually adult children, to keep a close eye on frail or vulnerable parents or other family members. Because ECHO housing makes caring for older adults easier, it often helps families avoid putting family members into an assisted living or nursing home -- at least for a while.

Older adults who live in ECHO housing units often spend more quality time with their grandkids and help out with household tasks -- involvement that contributes to their sense of purpose and belonging. And because they're living right in your backyard, they're far less vulnerable to criminals and con artists.

You'll also be able to recover some of your investment in the ECHO senior housing unit eventually; when it's no longer needed, it can be removed and sold.