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Can I Sell My House To Pay For Assisted Living?
Date Updated: July 26, 2024
Written by:
Rachel Lustbader is a writer and editor with a background in healthcare and technology. Her work has been published on websites including HealthCare.com, BiteSizeBio.com, BetterHelp.com, Caring.com, and PayingforSeniorCare.com. She studied health science and public health at Boston University.
Both of Rachel’s grandmothers had very positive experiences in senior living communities, and Rachel saw firsthand the impact that kind, committed caregivers and community managers can have on seniors’ and their family members’ lives. With her work at Caring, Rachel hopes to help other families find communities, caregivers, and at-home products that benefit elderly loved ones and make life less stressful for family caregivers
You can sell your house to pay for assisted living. In this situation, the proceeds from the sale of your home go toward the cost of rent in this type of community. If you need help with activities of daily living such as bathing and dressing, you could benefit from a move to assisted living.
Should I Sell My House To Pay For Assisted Living?
You should sell your house to pay for assisted living if you plan to transition into this type of community and need a way to cover the costs. Some people consider this option when they live alone and do not want to leave property to family members. In addition, this solution works well for spouses when both partners need help with daily activities.
Older adults receiving Medicaid should consider how a home sale impacts eligibility before they sell. While Medicaid doesn’t count your primary home as an asset, it considers cash. When you earn profits following the sale of your home, your total assets could exceed the eligibility limit for benefits.
How Much Do I Need To Cover the Full Cost of Assisted Living?
The amount you need to cover assisted living costs varies and depends on how long you live in this type of community. The median cost of assisted living across the U.S. is $4,500 a month.
According to the Administration for Community Living, women spend an average of 44 months in assisted living, resulting in an estimated total cost of $198,000. Men spend an average of 26 months in assisted living at a total cost of approximately $117,000.