5 low-cost housing options for seniors

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Retirement leads to numerous changes. Due to a decrease in income, lifestyle changes. A big house where children were raised may no longer meet your needs or your budget.

If you are ready to change something, here are five financial offers for retirees.

Move to children

Moving to children may not be suitable for everyone, but for some it is a win-win. The cost of living will be halved. In addition, both parties receive their benefits. Busy parents can forget about the babysitter, while older people, especially single ones, will forget about loneliness and the associated health risks.

To avoid conflicts, it is necessary to establish clear recommendations from the very beginning. Make sure everyone has the same expectations about living together, personal space and financial responsibility.

Take off part of the house with other retirees

If you prefer not to live with family members, consider renting with other retirees. Sharing a home with another retiree gives similar financial benefits without the complex dynamics of relationships during life with children.

Consider subsidized housing programs.

There are a number of different federal housing programs that can help subsidize or fix the rent of older people.

“There are a lot of different programs at the state and city level,” says Amy McDonald, a licensed real estate salesperson with Triplemint in New York.

However, subsidized housing programs at all levels can be difficult to navigate. Each of these may have their own eligibility criteria and application process.

McDonald suggests meeting with a housing consultant sooner. “Start looking now because most programs have a waiting list,” she says.

Think about a community to live together.

Shared housing communities are a less well-known option for housing costs. Although not all shared housing projects are affordable, some of them are designed to include cheaper offers.

"I hate to use this word, but it's like a commune," says Victor Medina, a certified financial planner and attorney. Medina Law Group in Pennington, New Jersey. Communities have houses clustered around communal spaces. Depending on the community, community members may provide food, catering, or transportation services to other neighbors. This type of living allows older adults to remain largely independent while still receiving basic care when needed. “It allows them to age gracefully,” Medina says.

Sign a contract with the Life Plan community

At first glance, the community Life plan not like affordable housing for seniors. Of course, this is not an option for those who do not have access to a significant amount of cash to pay the initial admission fee. However, for those who may in the future need skilled medical care, the community Life plan may be an affordable choice in the long run.

Communities Life plan combine several activities for living in one campus to allow older people to move from independent living to help if necessary. Some communities are complex and include food as well as other services.

Since contracts and services may vary, carefully read the fine print before signing.

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