There are numerous misconceptions people have about assisted living. When an aging senior finally agrees assisted living would be a great option for him or her, if they own their house, they may wonder what they should do with it. If they’re moving into assisted living, is this going to be for the rest of their life? Is it to help them transition through a difficult time in their life? Are they dealing with an ongoing health issue that may be remedied sometime in the future?
If the aging senior is planning to move into assisted living for the remainder of his or her life, there are several possibilities they can pursue with regard to their house.
First, they can consider renting it.
There are real estate agents and other entities that can become property managers for private homeowners seeking to rent out their house. Some people take this responsibility on themselves, and an aging senior will have an incredibly difficult time not only keeping tabs on the tenant, payments, and possible repairs and other issues that arise, it can add a level of stress to a person’s life.
At the same time, that senior could receive a reasonable income, especially when the house is fully paid for. If the house is not fully paid off, the rent could go toward the mortgage payment, thus relieving some financial pressure from that aging senior.
Second, they could consider leaving it empty.
If this move is expected to be temporary or the elderly person is just not sure, it may be best to simply let the house remain empty for a while. However, with squatters and other potential legal issues, a person should check in with the house, keep it clean, make sure mail isn’t getting dropped off, packages aren’t incorrectly delivered, and so on.
The house should have a lived in feel to it, including lights on timers and possibly a home security system that can protect it from criminals or squatters.
Third, they might consider a reverse mortgage.
A reverse mortgage isn’t optimal for everyone, but for those who feel it works best for them, this can free up cash to help pay for assisted living and other necessities in life. An important factor with a reverse mortgage to consider is the house can only be transferable to family if the difference given to the senior is paid to the mortgage company.
These are just a few ideas about what to do with their house for those who may be considering assisted living.
For more information about personal care homes in Terrell Hills, TX, contact Pipestone Place Assisted Living or to take a tour, call today (210) 718-0211.
- Facing the Truth: What to Do When Your Parent Can No Longer Live at Home - October 7, 2020
- Stay Active This Fall: Memory Care Activities to Help with Mental Sharpness - September 16, 2020
- 5 Ways to Stay Connected During Social Distancing - August 6, 2020