Have you ever stopped to think about where you or your parents might live in years to come? Is there enough money to move into an independent senior community, assisted living or nursing care, or to stay at home with some assistance from an in-home care agency?
With the number of senior citizens in the greater Los Angeles area and the affordable housing crunch, it has become imperative that seniors understand the housing options available to them. Here are just a few of the choices:
Independent Living
Independent living gives you the privacy of having an apartment, plus the luxury of being part of a broader community through planned social activities, transportation, dining, etc.
Assisted Living
This is the same as independent living except the seniors need assistance with acts of daily living (such as bathing, eating, dressing, transferring, Costs range from just over $2,000 to about $11,500 per month.
Board and Care Residential Homes
With a maximum of six residents per board and care allowed in LA County, you can get more personalized care. These residential homes usually specialize in dementia care and those who need lots of hands on care. Costs are between $2,200 and $10,000 per month.
Nursing Home Care / Skilled Nursing Facility or Rehabilitation Facility
Nursing homes offer round-the-clock care with private rooms averaging $9,125 per month, with semi-private rooms costing about $7,604.
Aging in Place
Aging in place at home may not be financially feasible for many seniors, especially those on a fixed income. Home care prices differ, but as an example, a 44-hour workweek at $30 per hour comes to $5,280 per month.
Reverse Mortgage
Reverse mortgages allow you to sell your home to the bank but remain in place. The size of the loan depends on the:
The good news is that individuals or couples taking out a reverse mortgage can:
Once mortgagees pass on or go to live in a facility other than the home, their children have a choice to pay off the loan or allow the bank to sell the property and then pay the loan.
Choose the situation that best fits your needs and budget. We encourage active seniors to sign up at Suddenly65.com for fun things to do in the community.
Before you decide, speak with Sandy Rosenholz, of Senior Resources, Inc. to find out what options would work best for you. Sandy can be reached at (818) 359-2125, SR@SeniorResourcesCA.com, or through the website https://seniorresourcesca.com/.
