When one of the family members becomes too old to care for himself and is unable to stay in the house alone, there are a few options available. One is that another member decides to live with him or comes in to help a few times a week, or the person can move into the home of one of the younger generations. The other is to have the senior move into a care house. But should the family sell the home to pay for it? Here are a few thoughts on the subject.
When should selling become the Right Solution?
Making well-thought decisions, in these difficult moments, is certainly not easy. Nobody wants to have to move another family member into a care home, whether it is their parents or grand-parents. And so, it is better to look at all options, before someone says: It is time to sell my home.
The first elements that need to be looked at are: Social security, retirement savings and long-term care insurance. These are all tools that can help to pay for the care home if they exist. That would save the family house from being sold.
The second option is to leverage the equity of the house, in order to pay for the care home. In such cases, one would have to look into traditional equity loans, home equity lines of credit and reverse mortgage. It will obviously have to be paid back in time by the younger generations, yet it will protect the home from leaving their hands.
The third option might be the easiest, especially if the house is located in an urban area. If none of the kids want to move into the house right away, it can be rented. The income brought in, would then be used to pay for the care home payments. However, it is to be noted that care home tend to be more expensive than a regular house. And so, the amount brought in might not be sufficient to cover the rent.
Why is a Care Home a Good Solution?
During a family council on the situation, some may ask why the family member should be moved to a care house, in the first place. It is true that nowadays, more and more seniors receive their care at home, instead of being placed into long-term care houses. However, it does affect more than 70% of the seniors. With most adults working to earn a living (including both members of a couple these days), it may not be easy for any of them, to go and help out, even on a part-time basis.
Having a family member in a care home is certainly something that brings serenity to all involved. They know that the person will be in good hands, and will never find himself lacking help, if in need, in any urgent situation, which he could not get if he lived alone. Individuals in home care are under supervision at all time, while keeping their privacy intact, since most of them offer private apartments to their patients, these days.