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Life becomes more complicated as we age. As a senior, you are probably juggling everything from aches and pains to serious illness. Then you need to consider finances and keeping your home up — and how you can stay in your home.
Below, we’ll discuss senior housing options and how to solve common problems so you can age in place.
Senior Housing Options
An analysis of census data by The Washington Post showed that less than 10% of seniors live in nursing homes. Where do the other 90% live? It could be any of these options:
Family
According to the same study, roughly half of seniors age 85 and older live with their families. For many, this is a reassuring situation and is one of the best alternatives to assisted living options. However, for others, there is some — or a lot — of discomfort in relying on children or other family members for daily care. There may also be families who, even though they want to help, are unable to provide a living space for their aging family members.
Independent or Assisted Living Communities
Drive through almost any town, and you'll find some form of assisted living or independent living community. This is because these communities offer a safe alternative to moving in with family members. Many communities offer daily activities and some medical care. Unfortunately, senior living communities can cost a lot of money and seniors may not have as much privacy as they would living in their own home.
Staying in Your Home
What does it mean to age in place? Aging in place lets you enjoy your own home, in your neighborhood, near your friends and family. However, not every senior has the financial ability to stay in their home and manage their high mortgage payments. Luckily, aging-in-place solutions let you solve the challenges you face as a senior.
Solving Senior Challenges
- Constrained income: Many seniors have fixed incomes but need a way to cover unexpected expenses.
- Repairs or providing ongoing maintenance: Home maintenance can become a burden as you age, and it may not be possible to get the home repairs or maintenance services you need at an affordable price.
- Attached to your home: Leaving your home right away can feel like leaving behind a part of yourself. Seniors often prefer to stay in their homes as long as possible.
Age in Place With a Residential Sale Leaseback
A home sale leaseback allows seniors to unlock the value of their homes while continuing to live in them. This form of aging in place can also be a financial management solution. You would sell your home to an investor, such as a fast cash buyer, and then lease it back at an agreed rate and time frame. In many cases, your monthly rent would be less than your mortgage payments.
Advantages of Aging in Place With a Sale Leaseback Agreement
Access Home Equity
Seniors can access the equity they have built in their homes without having to move right away or take on additional debt.
Skip Needed Repairs and Ongoing Maintenance
Also, the investor company who buys your home becomes your landlord. They take on the responsibility for major repairs and maintenance, so you wouldn’t have to worry about repair costs or trying to do it yourself.
Stay Home
With a residential sale leaseback, you can stay in the home you love for the full contract agreement period, surrounded by familiar surroundings and memories.
Explore the Residential Sale Leaseback Option for Aging in Place
Aging in place with a residential sale leaseback offers financial benefits and peace of mind for senior citizens. It allows them to access home equity, avoid home maintenance hassles, and stay in the comfort of their own homes.
If you're considering this option or want to learn more, we're here to help. Contact The District PHX today for more information and to explore how a residential sale leaseback could benefit you.
