Selling your home to pay for senior care
Selling a home where you’ve built memories for many years can be a difficult decision, but there’s a lot to gain by moving to a senior living community. Selling your home can provide the cash you need to secure your future for years to come. It also gives you peace of mind knowing you’ll have access to the level of care you need. Moving to a senior living community can help you stay safe, whether that means independent living, assisted living or other services that make life easier.
Let’s address some of the questions that come up when you’re considering selling your home to pay for a senior living community:
1. When is the right time to sell your home? The timing depends on your unique circumstances, including your health needs and financial situation. Having the flexibility to sell your home when the timing is right can provide a greater income opportunity for your retirement. The real estate market tends to peak in the spring.
2. How long does it take to sell and secure your place in a senior living community? The time it takes to sell a home varies based on how quickly homes are selling in your area and whether your home is move-in ready and priced competitively in the current market. After accepting an offer, it can take 30 to 45 days to close the sale. The senior living community that you choose will work with you to accommodate your schedule. Sometimes the community can even help you coordinate your move.
3. Should you sell before or after moving into a senior living community? If you or your partner has immediate health needs, you may be planning to move quickly. If you have cash reserves to pay for senior care, you may decide to wait to sell your home after you move. However, if you need the cash to help pay for your move, you may consider a bridge loan to pay for care while you’re waiting to sell your home.
4. How do you know if your income from the home sale will cover costs as they go up? The costs for senior care may change as your needs change, and it’s wise to estimate your potential costs based on different scenarios. A senior living consultant can meet with you and go through a financial evaluation to determine if you qualify and project your future costs.
5. How to talk to your children about selling the family home? Emotions and stress levels may run high when it comes to selling a family home. Your children may have their own opinions about selling the home now or in the future. It’s important to allow family members to express their opinions; however, decisions should be made based on your vision of the future and where you see yourself in the years to come.
Ready to see what’s possible?
We’re here to help you explore your options so you can make informed decisions about selling your home to pay for senior care. Learn more about planning your future at Presbyterian Communities of South Carolina by visiting www.prescommunities.org.