How to Pay for Your Home in a Senior Living Community

Volunteer helping senior with sewing project

 

At a certain point, moving to a senior living community may make more sense for older adults than owning a home. Fewer household chores and home maintenance obligations give residents of retirement communities more time to enjoy amenities like health centers and organized activities.

Most importantly, independent living facilities like Cambridge Village of Apex Facility provide 24-hour security and assistance to residents. So when you decide it’s time to make the move to a senior living facility, the next step will be deciding how to fund it.

Read below to learn about the different ways to pay for assisted living and independent living communities.

Financial Options to Pay for Senior Living

There are many ways to pay for assisted living and senior retirement communities. Selling the home you live in may be the easiest way to pay for your new residence, but if you are unable or unwilling to sell your property, there are other options.

If you are putting your house on the market, but need to move sooner, one option is a bridge loan. This loan will help pay for your new living facility until your home sells. This type of loan is interest-only, and will pay the costs of assisted living until your home sells.

If you are one half of a couple who wants to try having one partner at a senior living facility while the other remains in your home, a reverse mortgage may be possible. For homeowners who are 62 or older, a reverse mortgage allows homeowners to convert some equity in your home into cash. In this case, you may put this cash towards the expense of a retirement community.

Additional options for financial assistance include Medicaid, which partially covers these costs in most states, and Department of Veteran Affairs coverage for veterans and spouses of veterans. Eligibility for these options varies from person to person.

Senior Living at Cambridge Village of Apex

Many retirees think they can’t afford to live in a senior community, but Cambridge Village of Apex is probably much more affordable than you thought.  Still, we know any living arrangement is an expense. We are happy to answer any questions you may have about rates and amenities at our community in Apex, North Carolina.

Give us a call or schedule a visit at Cambridge Village of Apex today to learn more.

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