What Should You Do If You Can’t Afford Assisted Living?

August 25th, 2016 by John Wilson

There comes a time in most seniors’ lives when living independently isn’t the best option. Limited mobility, the need for help with tasks, such as bathing or cooking, lack of access to transportation and loneliness are just a few reasons seniors may prefer to move to an assisted living facility. The best assisted living facilities provide a wonderful quality of life and compassionate, friendly care. Unfortunately, they also come with a price tag many seniors find prohibitive. If you or a loved one is ready to move to one of the many senior living communities serving Oklahoma City and the surrounding areas but question how you’ll afford it, here are some tips to finance the move.

Consider Taking Out a Reverse Mortgage on Your Home

If you are over the age of 62 and own your own home, you may be an excellent candidate for a reverse mortgage. Instead of paying a lender a mortgage payment each month, when you secure a reverse mortgage, the lender pays you each month! Reverse mortgages are not dependent on a borrower’s credit score because the borrower doesn’t make any payments. Your home serves as collateral and you’re converting its equity into cash. When you die, your heirs are able to repay the mortgage without the hassle of selling your home. There are fees to set up a reverse mortgage, but they are rolled into the initial loan amount so you pay nothing upfront.

Consider Converting Your Life Insurance Policy into Cash

Depending on the type of life insurance policy you have, you may be able to convert it to cash to fund your affordable assisted living in Oklahoma City. The process is complicated so it’s wise to have a financial planner assist you. Basically, the insurer will loan you money against the amount of your policy. When you die, the lender will be repaid, either from the balance of your policy amount or your heirs. You will need to continue paying your life insurance premiums if you pursue this approach.

Veterans can get help at senior living communities.

Senior living communities offer assistance to veterans.

Consider Agreeing to Have a Roommate

If you are a people person, sharing a room may be a win-win scenario. Some senior care facilities have a shared room option that costs less than a private room. You may find you enjoy having a roommate to keep you company.

Widen Your Horizons

Just because you live in one city doesn’t mean you must move into an assisted living facility in the same city. Expand your search and you may find you’ll get more bang for your buck in one location over another. Oklahoma City, for instance, has gained a reputation for delivering outstanding senior care at surprisingly reasonable rates.

Are You a Veteran?

In some cases, the Department of Veteran Affairs offers benefits to help veterans offset the cost of assisted living.

If you live near Oklahoma City, you’ll be delighted to learn there are manyaffordable assisted living facilities in the Oklahoma City area. Not all of these facilities are equal in terms of quality of care. We invite you to contact us at Village at Oakwood for a tour and to discuss our rates. We’re certain you’ll be pleasantly surprised by what you discover!

Leave a Reply