What Are My Senior Living Options?
Posted on December 7, 2012
As we age, many of us consider moving out of our homes and into a more suitable living environment. There are many different living options and determining the right one will depend on your specific needs. Some find that their home is too big now that the kids are gone or it’s too much work to maintain the house and yard or others need additional help. Here are some options:
- Sell Your Primary Residence & Buy 2 Smaller Properties – For those who are independent and own a primary residence, consider selling your larger property and purchasing one home for yourself and one as a small investment property. The latter can be a source of income for your retirement years. This is ideal for owners with little or no balance on their home so they can purchase one or both with cash and/or take out a small mortgage. As market values rise, so will rental income and their long term capital gain on both properties.
- Continuing Care Retirement Communities (CCRCs) – These life care guarantee facilities provide independent, assisted living and skilled nursing services. These communities guarantee to take care of you for the rest of your life (there are conditions you must meet). There is an entry fee, as well as a monthly fee for food and services and most provide between 1-3 meals a day, linen and housekeeping services on a weekly basis (pricing and services vary depending on the facility). There are also various amenities included to stimulate your mind and body as you gracefully age.
- Rental Communities – These do not have an entry fee and you only pay on a monthly basis. Pricing is typically based on the size and location of the unit as well as level of service needed.
- Fee Interest Communities – These can be rented or purchased fee simple and services vary depending on your needs.
- Adult Residential Care Homes (ARCH I) – These are zoned up to 5 residents and are usually located in the service provider’s residence. It also must be registered with the State Department of Health.
- Adult Residential Care Homes (ARCH II) – These are zoned for 6 residents or more and offer expanded services.
* The information on this webpage is provided as an information resource only and does not constitute any medical advice, other professional health care advice, or real estate advice. Please consult your health care provider and/or realtor for professional advice before making any decisions about your senior living options. First Hawaiian Bank expressly disclaims responsibility, and shall have no liability, for any damages, loss, injury, or liability whatsoever suffered as a result of any decision made or action taken based on your reliance on the information contained on this webpage.