We do not have enough income or equity. We have also applied at Subsidized Housing but we make TOO MUCH?? We now own our own home but need to move, it is too much for us to care for. We are in our 70's. What can we do?
Are there any apartments around you that are solely based on your income? I know that where I live in Mississippi there are some. They have long waiting lists but will take your application and tell you how much rent you will be paying. You may have to pay much more than a person living near you that pays a very minimal amount, but they seem to be well taken care of and most people living there are satisfied with their apartment. If your income chanes, you notify them and your rent will be adjusted. We thought about living there before we downsized to a much, much smaller house. There would have been the advantages of no yard or home maintenance. There are mostly older people in my very small neighborhood with very small houses of 2 bedrooms and one bath and home ownership is not so bad with lower monthly payments, a decent sized yard and house for 2 people and 3 dogs, so that is not a bad option, either.
Depending on where you live, the market & if there are reputable property management companies, perhaps you can rent out your home & use that income to supplement the cost of an independent living apartment? Unfortunately, this is going to be an issue for more and more aging boomers. There aren't going to be enough alternative senior living options - even for those who DO have the money. For the one's who don't, you'll get a lot of "shrugs"...In anticipation of that & with mom's lack of assets, we bought a house via reverse mortgage with the expectation she'll "age in place". So, depending on the reasons you feel relocating is your best option, perhaps some renovations would make your present home more livable? I've spent countless hours patching together services/plans because mom is also in that "dead zone" where she meets income limits for some things and exceeds others. I have also found that the information out there is mute on the subject and provides absolutely no guidance.
What country do you live in? Here are some suggestions for those living in the U.S. Are you willing to move out of state? Is one of you a veteran? Here in my state I also have one of those incomes that is not sufficient for a private independent living facility but is over the limit for financial assistance. I moved to a private independent living facility for U.S. veterans who have served during times of military combat. As the widow of a qualifying U.S. veteran I live here for a reasonable monthly charge. Ask everyone you know whether they know about an independent living facility. Some religious based independent living facilities welcome people of all faiths. They are not necessarily less expensive than others. Ask everyone you know and meet. They may know of a place that is not well advertised.
Revonah -- Stew7428 makes a good point inquiring about, "apartments around you that are solely based on your income?" Before I moved to an independent living facility, I lived in a garden apartment in a nice but not elegant complex with a pool. Only after I lived there a while did I learn that many residents were paying lower rents for identical apartments because they received government assistance and I do not. My non-subsidized income still qualified me for living there.
Yes, a shared living arrangement sounds good if you feel comfortable living with other people, but not everyone is happy living with others. Shared living arrangements come with certain risks including privacy invasion and theft. Very serious soul-searching should be done before deciding to live with another person because not everyone is willing to take such risks. If you consider this, you do so at your own risk and there are no guarantees all will go well
Ma was in a similar situation. She stayed in her house and paid someone else to cut the grass and shovel the snow. That was actually a lot cheaper than Independent Living. She kept her meals simple: cereal for breakfast, sandwich at lunch, meat & salad at dinner. Even if you add a once weekly housekeeper, you are still paying less than Independent Living. Stay where you are.
Hi Revonah, there are many choices in housing and your question only mentions 2. When you refer to independent living are you talking about a continuing care community (CCRC)? If you own your home, it is unlikely that you will qualify for subsidized housing. Between these choices is an array of housing opportunities. There are many listed for your area by doing a computer search for your town. Keep in mind that when you rent, you will no longer be paying property taxes, and likely water bills. Utilities may or may not be included. I mention this so when you prepare your budget, you are reminded of the give and take in costs that stay and those tht go away. Good luck.
Age 83 when my husband died, I remained in our two-bedroom apartment and had a weekly housekeeper take me food shopping weekly. After two years I decided to move to an independent living facility for several reasons. I was throwing out a lot of food because refrigerated salad fixings and eggs went bad before I used them, I disliked walking the short distance to the apartment complexes laundry facility in hot and cold weather, and I fell twice outside my home. I was not injured either time, but the falls made me feel I would be safer in an independent living facility. I would say if you're both in your early '70s try a new living arrangement. If you're in your late 70s and/or if one of you has a chronic medical condition, check out independent living facilities. I am a very private person, but feel living in an independent living facility is the best option for me.
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