If you are facing some of the difficulties surrounding an aging family member and need to find resources, whether it be financial, housing, medical, cost, in-home care etc we've put together some resources and helpful links available to you. 

• https://www.caring.com/senior-living/assisted-living/oregon
• https://www.caring.com/senior-living/assisted-living/

We’ve helped millions of seniors and families select the right senior care products and services for their loved ones while also saving time and money. We want caregivers to feel less alone and less stressed when navigating the world of difficult senior care decisions.

Many of our employees have had personal experience with caregiving and are passionate about making this mission a reality.

Courtesy of Caring.com

https://www.caring.com/caregivers/selling-a-house-to-pay-for-senior-care/

If you’ve noticed that your senior parent needs more help to manage their day-to-day activities, you may be considering long-term care. This can be a good solution, as assisted living, memory care and skilled nursing communities provide expert care, an active lifestyle and friendships with other seniors. Many facilities also do residents’ chores and housework, leaving seniors more time to enjoy retirement.

However, the decision to move into senior care can bring up another problem: how to fund that care. For many seniors, selling their home is one option. Older adults who sell their homes get the proceeds from the sale available for their senior care budget. They also free up other money that’s currently being used for mortgages, property taxes and home maintenance. 

The average price of assisted living in the United States is $4,500 per month, according to the Genworth 2021 Cost of Care Survey, and the cost of a semi-private room in a nursing home averages $7,908. Additionally, 20% of today’s 65-year-olds will need long-term care for longer than 5 years. Given how expensive this care can be, it’s important that you understand all the ramifications of selling a house to pay for senior living. 

This guide has information to help you decide when to sell a home to pay for long-term care, the documents you need and the financial implications of this decision. You can also find information about other ways to finance long-term care and how to get professional help for your sale. 

When Is the Right Time To Sell Your Parent’s Home To Pay for Care?

Many factors determine the right time to sell your parent’s home. The largest factor is likely to be the real estate market. In July 2022, the average U.S. home was on the market for 21 days; however, this can vary greatly depending on where you live. You may choose to sell to take advantage of a hot market. However, many more personal circumstances can influence whether you sell before or after moving into a senior living community.

Reasons To Sell Before Moving Into Senior Living

You’ll Have Fewer Expenses Once You Move

If the home is sold before moving into senior living, there’s no need to pay for upkeep of the house at the same time as you’re paying for senior care. If the home takes longer to sell than expected, having two sets of bills can be a big drain on your parent’s budget. 

You Want To Pay Down Other Debts

If your parent has other debts, such as medical bills, it can be helpful to sell prior to moving into senior living. The proceeds of the sale provide a lump sum to pay off debts. Once any bills have been settled, you’ll have a clearer idea of how much money is available for senior living. 

Reasons to Sell After Moving To Senior Living

Your Parent Needs Urgent Care

If your parent can no longer live alone or has been hospitalized due to an accident or illness, it may not be feasible to wait. In these circumstances, it’s best to make the move into an appropriate community and sell the home later. 

The Home Needs Substantial Repairs

It’s much easier to complete renovations and repairs if the house is empty. If you plan to stage the house to receive a higher offer, it’s also a good choice to sell after your parent has moved out. 

You’ll Help Your Parent Manage Stress

Living in a home that’s on the market can exacerbate the stress of a transition into senior living. For instance, the homeowner must find somewhere to go during open houses and viewings. Regular interruptions may increase the pressure or sense of difficulty that your parent may feel. It could be far less stressful to move into a senior living community before potential buyers  start looking at the house.

You Could Ensure a Faster Sale

Real estate agents believe homes that are decluttered and staged tend to spend less time on the market. It’s much easier to keep homes in this state when no one is living there. 

A Home Seller’s Checklist

Keeping track of everything that needs to happen when selling a home can be difficult. When you’re selling to pay for long-term care, there are even more things to consider. This checklist can help  ensure you ask the right questions and don’t forget any factors when selling the home.