Financial Considerations For Senior Housing

Van Mall

Making the move to Van Mall Retirement Community, or one of the other communities in Vancouver, requires some planning ahead, especially when it comes to the financial considerations. Whatever your current financial situation is, here is some basic information about funding your move to a senior community.

First, there is the more traditional path, where your move is funded with income from interest, capital gains or dividends from savings and investments. It is also an option for some people to get a line of credit on one of these accounts to pay for senior housing.

Many seniors use the funds from the sale of their home to pay for senior housing. For those who are not ready to sell their home, there are home equity options that may be used for this purpose.

Some people are in the position to use their life insurance policy to fund a move to a senior community. It is possible to get a life settlement in which an individual sells their life insurance policy for cash. Also, long term care insurance can often be used to pay for assisted living services, because these services are not usually covered by health insurance.

There are also some government benefits which can offer solutions to those who are eligible. Some will qualify for the VA Aid and Attendance Benefit for those who need help performing daily activities. There are various other VA programs available for those who meet the criteria.

A Caring Heart is your resource for understanding and exploring the various options for choosing and funding senior housing. Call A Caring Heart today for your free consultation.

Comments are closed.