Author: Jackie Smart
Reviewed By: Kristi Bickmann
You can get into assisted living if you own a house. More than 815,000 American seniors live in assisted living communities, many of whom own a home. Seniors choose to move into residential care for different reasons, and if you’re one of the 79% of the over 65s who own their own home, it shouldn’t be an obstacle to receiving the care and support you need in retirement.
Elderly homeowners choose to move into assisted living rather than remain in their own homes for several reasons.
Cost: Although assisted living costs an average of $54,000 per year, it’s cheaper than employing the help of an in-home care agency.
Companionship: Seniors living in their own homes are more prone to loneliness, with studies suggesting a third of older adults have infrequent contact with other people. In addition to leading to feelings of isolation, loneliness can have a detrimental effect on health and has been linked to a 40% increased risk of dementia.
Moving into assisted living brings instant companionship from daily contact with caregivers and offers plenty of opportunities to make new friends. These communities organize activities, host events and feature common areas that encourage socialization among residents.
Inability to carry out daily tasks: Remaining independent can be difficult as people age. Assisted living communities are specially designed for seniors who require some assistance to carry out the activities of daily living. Typically, caregivers are available 24/7 to help residents with everyday tasks, such as bathing, dressing and grooming.
Maintenance-free living: Maintaining a home and household chores is a lot of work, often too much for seniors living alone in their own homes. Staff in assisted living communities take care of home maintenance, housekeeping and cooking, letting residents concentrate on enjoying their retirement.
If you’re lucky enough to own a home, it’s an asset you can sell or rent out to help cover the costs of assisted living.
Sell it: Owning a property comes with a myriad of expenses, such as taxes, mortgage payments and utility bills. Selling your home frees up a lump sum of money that can help fund your long-term care.Rent it: Many senior homeowners choose to rent out their properties to help pay for assisted living. Renting brings in a regular monthly income and allows the individual to keep the house, ensuring they have an asset to pass on to their children in the future.
