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Options for relocating seniors

  • May 30, 2012

Options for relocating seniors

The time comes when leaving home is the right choice for a senior, but it is rarely easy. Steep staircases, isolated locations or maintenance costs can all prove to be difficult, and the decision to relocate to a smaller, more convenient house or an assisted living facility is made. However, as if the move itself wasn't enough, the details surrounding the finance and logistics of the move are often equally tough.

When the housing market cratered in 2008, it removed the option of simply selling the house for many seniors. With this in mind, take a look at some other options for seniors planning on going to a nursing home, moving out of state or joining relatives in their homes.

Renting

While the market for home buyers has plummeted, the field of renters has grown. Sometimes used as a stopgap measure, renting out a senior's vacated house can help generate some income without necessitating a rushed sale or sitting on a vacant house, the latter of which can often negatively affect surrounding homes.

"It's better for the neighborhood because the house is occupied," Realtor John Mike told NPR.

Furthermore, renting the house fully furnished could be a way to ease the transition. Calling a household moving company for the things that need to be moved - such as personal effects and clothing - but leaving much of the furniture can make  the move easier as well as potentially make the unit more appealing to renters.

Bringing in care

If a house appears to be drawing an unreasonably low sale price, the option of staying in the house with some substantial adjustments might become more appealing. Whether this involves bringing in medical care or remodeling the house to better suit the occupant's needs, staying put might be right.

If this doesn't seem like a permanent solution, it could at least serve until the housing market picks up.

Reverse mortgage

If the elderly person has lived in the house for a long time and paid for most or all of it, a reverse mortgage could be a way to draw some liquid assets. This money could help cover the expenses of a moving and relocation company, the down payment on a new place or the costs of impending medical care.

Although it is never easy, finding a way to relocate a senior need not be turbulent. In such cases, the use of nationwide movers can do a lot to make sure the process is as easy as possible and prepare seniors for the next chapter of their lives.

 

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