As you grow older, things start to change. You’ve retired and left your fast-paced work life behind you. Perhaps your family home is too large, or the payments on your mortgage are higher than you had expected them to be. Things that you could have done easily 10 years ago are becoming more difficult, and you’re worried they may become impossible to do alone.
Though these are all valid concerns, you don’t need to be too worried! You can continue to live in your own home (with a few adjustments) or rent a smaller apartment. There are also quality assisted living communities to explore, or the possibility of living with family. Whether you value your independence, or would prefer not to live alone, there are many options for affordable senior housing.
Living With Family
For many, living with their children or grandchildren is the ideal option. Not only is this an incredibly inexpensive option, it allows you to enjoy family time again. By living with your family, you make yourself available to help your children as they grow their families.
Being directly involved in your family’s lives by living with them is a great way to stay young at heart. Interacting with your family on a day-to-day basis will keep your mind sharp, and knowing that you have a built-in support system should anything happen to you can alleviate stress. Talk with your family, and discuss with them what they can do within their home to accommodate you. Even something as simple as installing a bathtub rail in the bathroom can make you feel cared for while also reducing the burden on your family.
While living with your family can be beneficial, it is also important to note that there are downsides as well. When you are staying in your family’s home, you might find that you have reduced privacy and alone time, and this can lead to feelings of a lack of independence. You might also find that your family counts on your help far too often, turning you into the go-to babysitter. Living with family also takes the choice of where you would like to spend your retirement out of your hands — if your family moves, you have to follow!
Living on Your Own
If you value your independence, living on your own might be the best way to go. There are many products on the market today that can help make living on your own less scary and help you to live a full life while preserving your privacy. Everything from daily living aids such as transfer devices and much more, to bedroom safety products, can help to make your life that much easier!
Say that you’re currently living on your own, but the payments on your mortgage are starting to become a burden on your retirement funds. One option is to simply downsize and move into a smaller apartment that has lower monthly payments. Another option, available exclusively to those 62 and older, is to take out a Home Equity Conversion Mortgage, also known as a reverse mortgage.
Taking out a reverse mortgage can help you to pay off your existing mortgage, or have money set aside for emergencies. Payment can either come in a lump sum, line of credit, or monthly installments depending on what type of reverse mortgage you have. Reverse mortgages are often misunderstood, and, contrary to popular belief, taking out a reverse mortgage does not change ownership of your home!
Assisted Living
If family is unavailable or you don’t have any interest in staying in an apartment or downsizing to a smaller home, an assisted living center may be right for you. While there are some benefits to assisted living centers, they can be relatively costly, so make sure to do your homework!
Assisted living centers offer you the opportunity to interact and and socialize with other seniors through scheduled activities. Generally, those living in these facilities are active seniors who can manage most of their daily routines by themselves. Because of this, many residents still get the same feeling of independence that they had when living on their own.
Unlike nursing homes that have a very stringent regimen for their residents, assisted senior living centers act as more of a community where you can sign up for things that interest you and forgo those that don’t. Think of it as another chance to live the dorm life outside of college! Another benefit is that you don’t have the responsibility of maintaining a home — all cooking and cleaning is done by the staff, giving you more free time to enjoy!
Brooke Faulkner is a senior rights advocate and mother of two in the Pacific Northwest. She loves spending time with friends and family at the assisted living facility near her home, and has collected more stories there than she can count.
