Paying for Senior Care
Selling the house can help cover costly senior care
Do You Need to Sell a House for a Relative in Senior Care?
When a relative reaches the age where they need help taking care of themselves, your family may need to make a decision about what to do with the house they once lived in, and letting go can be difficult. You might be wondering, “What can I do with a house after a relative move into senior care? How can I manage to sell a house in Atlanta, Georgia while my family has more important steps in the aging process to focus on?” One option is to sell the home to a trusted cash home buyer like Arbor View Properties. We buy houses fast for cash.
Selling the House of a Loved One to Make Space for a Supportive New Home
Opening conversations about senior care is important when your relative reaches a later stage in life and helping them move homes to get the support they need is a major step in this life transition. In discussing senior care with your family member, you may find that they need assistance with a few daily tasks, or that they need some degree of medical support. Although they may still feel capable enough to live on their own, there comes a time when their health, happiness, and safety can be improved by moving into a place where they can receive care, community, and support from others.
As a supporting relative, you may be left to decide what to do with the house they once lived in. Whether your relative is capable of residing in an independent living facility, needs assisted living, requires the support of a nursing home, or needs to make the shift to live with a family member, this decision is not always easy. Perhaps this is the house where they raised their children, or where they moved in with their spouse after marriage. Maybe this was the first house they were able to fully own, where they enjoyed all their hobbies or ran their business from. In any case, letting go of a house is often a difficult step.
Moving a family member into senior care is a major life transition, and overseeing the sale of your relative’s house is usually not the highest priority in the process. Instead, helping your relative decide on the best new living situation is an important step that can entail positive experiences like touring senior care facilities in Atlanta or elsewhere, meeting their communities, or preparing a space in the house of a loved one.
At Arbor View, we buy houses for cash, and we understand your circumstances. We can also offer an owner financing package to help your relative earn an income to pay for senior care and other necessities. We’re here to help you make the home-selling aspect simple by cutting out the time and stress of working with a realtor and waiting around for a buyer. We will quickly make you an offer and provide you with cash when closing so that you can spend your time focusing on the things that matter most.
We are more than happy to discuss the simple process of selling your house in the Atlanta area to Arbor View. Regardless of whether you decide to accept or decline our cash offer, we would like to help you better understand your options so that you can prioritize the task of providing support to your relative as you help them through this major life transition.
Help Your Relative Earn an Income from their Home
If your relative has already paid off their home, Arbor View can potentially offer them an owner financing package with the home held as collateral where they will receive monthly payments, including interest for the house. Over time, your relative could end up earning more from their house than they would if they sold it, helping them comfortably afford senior care, medical requirements, food, and the things that they enjoy.
In some circumstances this option might make sense. When Arbor View Properties purchases properties for our long term rental investment portfolio, we plan to keep those properties for a long time vs. properties we “Flip” quickly. On long term holds we would normally go to a normal bank and obtain long term financing to get the most favorable terms. We would be paying the bank interest on that note over the next 20-30 years. Why not let us pay you the interest instead? All of our long term notes are done the same way a bank would, where the bank gets a security deed and promissory note all recorded with the local county.
Benefits of Selling a Home to a Cash Buyer like Arbor View Properties to Pay for Senior Care:
Save thousands on agent commission costs that come with selling through a realtor. At Arbor View Properties, we don’t list your house like a traditional agent would. WE BUY IT!
Avoid hiring movers and making repairs before putting the house on the market. We buy houses as-is. Keep what you want and leave the rest to us.
Eliminate the stress of additional mortgages, especially if you or your relative has overdue payments. We buy houses that are in default and facing foreclosure.
Receive a no-obligation cash offer in as little as 24 hours and don’t worry about feeling pressured with a hard sell. If you decide you don’t like our offer, no worries, we understand. We might not be the right for you and that’s ok.
Turn the house into cash to cover the expenses of senior care, an assisted living facility, a nursing home, or the cost of an in-home caregiver.
Turn the house into income. Ask us how you can turn the house into an income generating asset for your loved one.
Just Three Easy Steps
Step 1: Fill Out Our Quick Contact Form or Call Us Today
Once we receive your information, we will analyze the property and determine an estimate for what we scenarios we can offer.
Step 2: We Call You to Schedule a Time to See the House
We usually call within minutes to talk with you or your relative about their situation, answer questions, and set a time to see the house.
Step 3: We Make You a Cash Offer
We’ll make you a fair, all-cash offer to buy your house. There are no fees and no-obligation.
What is the Cost of Senior Care in Atlanta, Georgia, and What Are My Financial Options?
On average, the cost of moving your relative into a senior care facility in Georgia is around $45,000 a year. Even when your family member decides to move in with a loved one, figuring out how to pay for their medical needs or supplemental forms of senior care can often become a challenge. The following are a few options that may be able to help you cover the costs of senior care in Georgia:
VA Health Care for Elderly Veterans
VA Health Care for Elderly Veterans can provide senior care financial assistance for individuals who served in the U.S. military at any point in their lifetime or for the spouse of a veteran. Also, some assisted living communities are specifically for veterans.
Life Settlement is when your family member sells their life insurance policy to a non-family member for cash. A life settlement can immediately provide the funds to cover senior care, though this practice can also negatively impact the financial future for any of your family member’s heirs.
Pooling Family Resources
Pooling together family resources from various relatives can help alleviate the financial burden of senior care from anyone’s family member, especially within large families that can provide many sources of financial support.
Does Insurance Cover Senior Care?
It is uncommon for private insurance policies to cover senior care. Long-term care insurance is an option that can cover senior care for your loved one, though it often needs to be purchased during middle age, or when your loved one was in the younger years of their life.
Does Medicaid Cover Senior Care?
Medicaid coverage in Atlanta, Georgia is available for senior care, though it is limited. For senior citizens who have income, whether it’s from social security or other benefits, an income limit requires that they must be making less than $2,163 a month. Additionally, under the Medicaid resource limit, the assets your elderly family member owns must amount to less than $2,000, including real estate property. Lastly, senior care is covered by Medicaid only if your family member has a medical impairment that requires them to live in an assisted living facility or nursing home.
Because the options to cover senior care with insurance are limited, your family may need to seek other ways to pay for the care your loved one needs later in life. Often times, selling the house they once lived in is the best choice.
Selling Your Loved One’s House to Arbor View Properties to Pay For Senior Care
Sometimes, immediacy is required when helping a family member make this life transition, especially after a recent injury or a noticeable decline in well-being. You and your family might be stuck with a financial obstacle, wondering how to afford senior care and how to quickly get the funds to cover upfront costs and moving fees so that your relatives can get the support they need now.
Selling the house your relative once lived in to a fast cash buyer is a great option to help cover the immediate and ongoing expenses of senior care. At Arbor View Properties in Atlanta, Georgia we do just that: we give you a cash offer, usually within a day, and you can close whenever works best for you. You can close within a week!
We respect your decision-making process, so we will never push with a hard sell. If you are not completely satisfied with the offer we make on your home, there is no pressure to accept it, and there are no upfront fees. At Arbor View Properties, we will assess and make an offer on your home for free.
We’d love to talk to you about buying the home of a family member who is transitioning into senior care. Whether you and your relative decide to sell the house to Arbor View or not, we’re happy to answer questions you might have about our buying process.
If your relative is moving to senior care and you need to sell their house fast or help them earn income from their home, get started by contacting Arbor View Properties, your cash home buyers in Atlanta, at 770-810-5715 today, or by filling out our quick contact form below.