The Average Cost of Assisted Living as per Genworth Cost of Care Survey in North Carolina is $4385/month
This Amount comes out to be $52,620/Year. As a ageing adult or a Children of an ageing parent, this cost can be very daunting and therefore all aspects will need to considered to use this service.
What Options are there to Pay for Assisted Living?
These are some of the options to pay for assisted living?
- Private Pay: You can pay for assisted living using your own savings, investment income, or other sources of personal income.
- Long-Term Care Insurance: If you have a long-term care insurance policy, it may cover some or all of the cost of assisted living.
- Reverse Mortgage: If you are a homeowner, you can take out a reverse mortgage to pay for assisted living.
- Medicaid: Medicaid, a joint federal and state program, may cover the cost of assisted living for those with limited financial resources. This is one of the most widely used option but comes with strict eligibility criteria. When it comes to your home, the division of health benefits can make a claim once you die to your estate to recover the funds they spent in your care. This gives them legal right via probate court to sell your home and take the sale proceeds. A good way to avoid this is to not own the home in your own name or use a irrevocable trust as they don’t pass through probate. This way you can rent, sell or keep your home while using Medicaid support.
- Veterans Benefits: Veterans who served during wartime may be eligible for benefits to pay for assisted living through the Department of Veterans Affairs (VA).
- Medicare: Medicare may cover limited short-term stays in assisted living, but it generally does not pay for ongoing assisted living expenses.
- Social Security: Social Security income may be used to help pay for assisted living.
It’s important to consult with a financial advisor or an elder law attorney to determine which options are available and best suited for your specific financial situation and needs.
If you have house with some equity in it, then there are 4 options which can be used to pay for the cost of assisted living:
- Home Equity Line of Credit: A HELOC allows you to borrow against the equity in your home and use the funds for any purpose, including paying for assisted living expenses. However, it’s important to consider that a HELOC requires you to put your home up as collateral and that if you fail to make payments, you risk losing your home.
- Renting Your Home: You can rent out your home and use the income to pay for assisted living. You can choose to have long term tenants, medium term tenants like travelling nurses or short term tenants like airbnb. As you will move to assisted living home, you would need either a property manager or a family member to manage the tenants which can be used to pay for you assisted living.
- Selling Your Home: You can sell your home and use the proceeds to pay for assisted living. Depending on your need, you can either list your home on market using a realtor or can sell directly for cash to an investor. By listing your home with a realtor, you will need to go back and forth with the buyers, schedule multiple showings of the home which might cause personal stress. If you’re looking for a more personal solution for selling your home then a real estate investor can be your solution. We at H&M Home Solutions works closely with elderly homeowners who are moving to assisted living. We work on a personal level to provide a stress free way to sell your home for cash.
- Reverse Mortgage: If you are a homeowner and at least 62 years old, you can take out a reverse mortgage, which allows you to access the equity in your home to pay for assisted living.
We at H&M Home Solutions, work very diligently with the elderly homeowners to understand their situation and their future goals. We work above and beyond to make home selling process smooth for you when you decide to move in family care.
- We can buy your house all Cash, therefore its a guaranteed sale.
- We can help you to find your future downsize home as well.
- We buy directly from you/seller. Therefore you don’t pay any agent fees.
- We help you in moving. We offer free $500 U-haul moving assistance.
- We pay for all the closing cost
- We don’t require you to do any clean ups or repairs. We buy as is.
- We don’t require the homeowner to do any 3rd party inspections or appraisals.
- We don’t require you to go to different offices or to the attorney’s office for closing. We have a team who can do it all remotely while you are sitting on your sofa. We do all the heavy lifting here.
We operate with a flexible approach and will attend your special request as per specific situation. Reach out to us and see how we can possibly you assist in your situation, and if we can’t we will let you know straight up and guide you in the right direction.