As you embark on your golden years, you may already have a nest egg in place for your senior living options. However, you may find that the reality is very different when you start to explore your options for real. For instance, you may be unaware that Medicaid does not pay for the cost of senior living arrangements. In this article, we share more with you about the senior living financial options you can leverage on to pay for senior living in Champion Forest.
Selling Your House and Bridge Loans
Many seniors sell their houses after making the decision to move to a senior living community. Although this money can go a long way towards offsetting the cost of senior living, your house may not sell immediately. Between the period of time where you move into senior living in Champion Forest and your house actually sells, you can make use of a bridge loan to cover your expenses in the meantime. This type of short-term loan can help to cover senior living costs until your house sells. Relocation specialists in senior living can assist you with this.
Renting Your House
Understandably, you may be reluctant to let go of your house and the many years of memories you have made in it. When that’s the case, you may decide to rent it out to fund your new life in senior living. Monthly rental payments can go a long way towards providing for your new life and you don’t have to deal with the long drawn out process of selling your home before moving to senior living.
Life Settlement Policy
Under your life insurance policy, you can take out what is known as a “life settlement” to pay for senior living. Under this arrangement, you will receive a lump sum to pay for senior living and there are no restrictions to how these funds are used. Whether you use it to make modifications to your home or pay for senior living, you can benefit from a large settlement that is worth more than the cash surrender value. However, keep in mind that this settlement can be taxable, you may need to pay a broker fee and it may disqualify you for Medicaid.
Discuss Your Financing Options When Considering the Move to Conservatory At Champion Forest
If you have explored your senior living options and have decided that Conservatory At Champion Forest is the place for you, you may have some financial concerns that need addressing. Our senior living team believes that this is a necessary part of moving to senior living, and does not have to be any more awkward or stressful than it needs to be. If you would like more information about our community or senior living program, please feel free to schedule a tour with us.
