Just like buying a home, paying for independent living near Pasco County, FL is a major financial decision that requires a lot of money.
Independent living typically provides less financial aid than assisted living yet, the majority of seniors prefer to pay exorbitant sums of money to live there. Here are 7 different ways by which aging adults afford to pay for the pricey apartments in senior housing care.
Using Personal Funds
Let’s face it: independent living apartments offer a large dose of peace and exclusivity. Little wonder they are cherished by retirees. However, aging retirees who want to live in these locations must use their own money because government assistance programs like Medicaid and Medicare are not available in this level of senior care.
Hence many of them in Pasco County, FL, use retirement funds or assets they’ve acquired over the years to pay for the flats. While others use their pensions to pay for these apartments on a monthly or annual basis.
Selling or Renting Your Apartment
Another way seniors afford independent living is by selling or renting out their homes.
The proceeds gotten from the sale or lease are then used to pay for the apartments in independent living. Those who cannot sell their current house because of some circumstances, will instead rent them out for the period they intend to stay away.
Use Temporary Reverse Mortgages
Reverse mortgage funds are used by adults 62 years of age and older to pay for independent living. This works by taking out loans against home equity. Because this method expires at loan repayment time, it is typically just temporary.
Benefit from Social Security
Aged retirees who get social security payments use the money they receive to meet these needs. The receivers’ expenses are also covered by other advantages that they get. They make use of these advantages to avoid borrowing money and incurring debt. As a result, receiving social security benefits is an affordable way to support an independent lifestyle.
Sell Life Insurance Policy
Sometimes aging adults may decide to sell their life insurance plans. The income recovered from the sale is called a life settlement. The funds received always exceed their surrender value and allow the senior to either rent an apartment or purchase a house for independent living.
Investing in some types of insurance programs, offers you the opportunity to benefit from annuity payments, in either monthly, quarterly, or yearly packages.
Typically, the amount of money invested in an annuity will determine how much income you receive. The benefit of an annuity, however, is that investors always receive future payouts that are guaranteed. A downside of an annuity shows that the performance of a specific investment is dependent on the fundamental investments that comprise the annuity. Hence with an annuity, aging adults can afford independent living.
Supplemental Security Income Benefits
The majority of elderly disabled retirees receive SSI benefits from the government through various schemes. The receiver may choose to use the income for independent living. However, aging adults with disabilities are encouraged to live in assisted living communities.
Independent living residences are mostly exclusive and resident-focused hence attracting lots of retirees but the rent is expensive. Aging retirees have found ways to buy apartments in these residences, such as using personal funds or their state supplemental security income for the purchase.