Why Selling a Home Can Be the Best Option for Paying for Assisted Living

As people age, they often need more assistance to maintain their quality of life. Whether it's help with cooking and cleaning or 24-hour medical care, many seniors benefit from moving into an assisted living facility. If you have a loved one who is considering assisted living, you may be wondering how to pay for it.

In this blog post, we'll explore some of the options for financing assisted living and explain why selling their home can be the best solution.

How to Finance Assisted Living

There are several ways to finance assisted living, including long-term care insurance, Medicare, Medicaid, and out-of-pocket payments. Long-term care insurance is a type of insurance that reimburses policyholders for a portion of the costs associated with long-term care, including assisted living.

Medicare is a federal health insurance program that covers certain medically necessary services for seniors aged 65 and older. Medicaid is a joint federal and state program that provides health coverage for low-income individuals, including seniors. Out-of-pocket payments are payments made directly by individuals or their families rather than by an insurance company or government program.

For many people, selling their loved ones home is the best way to finance assisted living. Home equity is the portion of your home's value that you own outright-the value of your home minus any outstanding mortgage payments.

If you sell their home and use the proceeds to pay for assisted living, you can unlock the equity in your home without having to make monthly mortgage payments. This can free up money in your budget to cover other expenses, such as groceries, utilities, and transportation.

Additionally, selling their home can provide a lump sum of cash that can be used to pay for a year or more of assisted living costs upfront. This can give you peace of mind knowing that your loved one's care is covered for the long term.

If you are considering selling their home to help pay for assisted living costs, contact us. We can often make an offer and close on the property in as little as a few weeks-enabling you or your loved one to unlock the equity in the home and get the best possible care.