The decline in home equity is making it difficult for some retirees to afford senior housing, the USA Today reports. Many seniors often use the sale of a home as significant funding source in order to move into a Build 55+ Community or into long-term community living for seniors and assisted living for seniors such as those found at www.residencesatplainview.com/ and oceanhillsseniorliving.com/living-options/assisted-living/.
But with declining home values, some seniors are finding it a struggle to come up with the extra money to pay for senior housing since their homes may not be worth as much as they once thought. Seniors who decided to retire in their own home may need to make adjustments like getting adjustable chair lifts or a mobility scooter lift system installation to make their home more accessible.
Continuing-care retirement communities (or CCRCs) offer both independent living and long-term care, charging entrance fees anywhere from $100,000 to $1 million, as well as monthly fees.
To help retirees make the move, some CCRCs are teaming up with real estate professionals to help seniors sell their homes and even helping to pay for the cost of fixing up homes to make them more attractive to buyers, says Robert Kramer, president of the National Investment Center for the Seniors Housing & Care Industries.
Also in helping seniors who are struggling to sell, ACT Retirement-Life Communities–which owns centers in eight states, for example, is offering payment deferrals and assistance with closing and moving costs.
As for residents in assisted living communities–which don’t usually charge large entrance fees like CCRCs but higher monthly rents–some assisted-living providers are offering bridge loans to help cover costs until residents’ homes sell.
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