Financial Considerations: Home vs. Senior Living Communities

Knowing the cost of living in your home, including the cost if you or a loved one need home health care, is the first step toward planning a move to a senior living community.

Before you move, we recommend that you consult with a trusted financial adviser to determine what resources are available to you, besides your income. You may be eligible for benefits from the Veterans Administration that can help support living costs. Some individuals work with life insurance specialists to cash out an existing life insurance policy for a lump sum that is much greater than the cash surrender value.

Homeowners may be able to use the net proceeds from a home sale to support the cost of living at a senior living community. Some might choose to apply interest earned from the investment of net proceeds after the sale is completed. Others may decide to use the principal amount of their net proceeds.

Whatever you decide, you can use the cost calculator on this page to determine your current monthly living costs and plan for your transition.