Financing a Retirement Home Transition

Before the Transition to a Retirement Home

A snapshot of a typical “before and after” transition to a retirement home simplifies the key points about this major life-change. Before the move, the equity in your home is tied up in the home and is not considered liquid. Unless there is a Home Equity Line of Credit or a reverse mortgage on the home, the equity is fully intact. This maximizes the funds available for downsizing to a retirement home.  Let’s look under the covers a little more.

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Free Retirement Home Costs Template

coins-and-calculator

One of the most important considerations when reviewing Retirement Home living is the cost. This is not surprising since the monthly fees can be significant. There are many types of costs associated with this lifestyle including fixed, fixed-optional and variable-optional costs. This post explains what to expect when touring a potential retirement home and provides a free, downloadable spreadsheet as a template for your own use.

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Retire – Downsize – Cash Out

home-cash-out

Home-owners who downsize have five choices for the proceeds they receive from the sale of their home. They may choose a combination of all five or only two to three. Very rarely will they choose only one. Here’s a breakdown of the five along with some thoughts on the one that will be very common throughout this decade.

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Words of Wisdom #1 – Dementia

Wise owl

With the growing number of boomers and seniors each year, there is also an expanding group of experts helping them. Today’s topic is focused on highlighting a few of the resources available in one area that is getting increased attention: dementia. Whether a family helps a parent/grandparent age-in-place or arranges a move to another level of care, the need for dementia training is great. The following “words of wisdom” are sure to help you be more effective in caring for your loved one.

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Remote Elder – Vision Loss – Now what?

elderly-woman

Many families have an elder who suffers some form of vision loss. This is especially difficult for everyone involved if the senior lives remotely from the family. Inevitable questions include: What can be done to help? Who can help? When is a good time to intervene? Our family is currently going through this process with a relative who lives in B.C. and suffers from macular degeneration (AMD). Here is what we are doing about it.

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