Bad time to sell a home means an ideal time for in-home senior care
Posted on: June 15, 2009
Larry Levine
Co-Owner, Home Care Assistance of Massachusetts
Do you know a senior who’s been stranded at home by the housing crisis? Thousands of seniors are now unable to sell their homes and move into assisted living facilities to get the care they need. According to The New York Times, some seniors who have put their homes on the market as long as a year ago have received no offers. The recession has made it impossible for such seniors to move out or afford the payment of $100,000 to $500,000 deposit required by many retirement communities.
In-home senior care ensures seniors can live safely at home as long as they need to—or want to. Struggling home sales are no reason to endanger seniors who are struggling to perform daily activities alone at home. An in-home caregiver is the perfect solution—whether seniors are waiting (but unable) to move into an assisted living setting, or they would prefer to stay at home. (89 percent of seniors say they would rather stay at home than move into a facility.)
An ultimate and irreversible decision, selling one’s home is a tough sacrifice for seniors to make just to pay for their care. Many seniors fear the “one-way ticket” nature of moving into assisted living—with no “home” to go back to. A reverse mortgage is an option that can enable a senior to stay in his or her own home while the home’s equity covers the cost of a personal caregiver. US Veterans or their surviving spouses may also be eligible for the VA home care benefit from the Veteran’s Administration of up to $1,949 per month. (For more information about reverse mortgages or the VA home care benefit, contact your local Home Care Assistance and they can direct you to organizations who can help.)
Home care actually makes a more conservative option. There’s no long-term commitment. It’s flexible, too, with live-in and hourly service adjustable as needs change. An in-home caregiver is the perfect solution—whether seniors are waiting (but unable) to move into an assisted living setting, or they would prefer to live at home. (89 percent of seniors say they would rather stay at home than move into a facility.) An ultimate and irreversible decision, selling their home is a tough sacrifice for seniors to make just to pay for their care. Many seniors fear the “one-way ticket” nature of moving into assisted living—with no “home” to go back to.
A reverse mortgage is an option that can enable a senior to stay in his or her own home while the home’s equity covers the cost of a personal caregiver. US Veterans or their surviving spouses may also be eligible for the VA home care benefit from the Veteran’s Administration of up to $1,949 per month. (For more information about reverse mortgages or the VA home care benefit, contact your local Home Care Assistance and they can direct you to organizations who can help.)
Stan Cohen - Senior Wellness 
Leave a comment