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Rent out Your Home to Pay for Assisted Living

Pay for Assisted Living: Page 6

By , Caring.com senior editor
79% helpful

If only one parent is still living, or if both parents need assistance with daily living, the family home can be an important resource. Selling is an option, of course. But in many families, Mom and Dad's house is cherished and family members aren't ready to make this decision. In this case, consider renting out the house and using the rental income to pay for assisted living. The idea of being a landlord might seem scary, but for a percentage fee you can hire a service to manage the property for you.