Even the healthiest seniors experience some physical and mental changes as they age, making it more difficult to keep up with household chores and home maintenance. If one of your parents has been asking for help more often than usual, it may be time to consider long-term care, which gives seniors access to professional caregivers with extensive experience providing personal and medical care.
If your parent needs some type of long-term care, it’s important to be prepared for how much it can cost. For seniors who can remain at home with a little help, home health services cost an average of $5,148 per month. Nursing home care costs the most, averaging $7,908 per month for a semiprivate room and $9,034 per month for a private room.
Many seniors don’t have enough cash saved to cover these expenses, leading them to look for other ways to pay for long-term care. One option is to sell a primary residence and use the proceeds to pay for assisted living or nursing home services. If your parent agrees to sell their home, you should be aware of what the process entails and plan ahead to make sure everything goes smoothly.
This guide will help you understand what kind of paperwork you need to sell the home, determine how a home sale is likely to affect your parent’s finances and find experienced professionals to advise you throughout the process. It also describes some of the alternative funding sources available to help you cover senior care costs.
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Compliments of SeniorAdvice.com
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