Considerations for Senior Homeowners and Their Families
There are approximately 71.6 million Baby Boomers in the U.S. today according to Wikipedia. If you or a loved one is in this age category (born before 1946-1964), you may be facing big decisions about finances and living arrangements as they age.
A pre-pandemic article via Housingwire reported that “a study released in January [2019] by Chase found that 76% of Baby Boomers own their own homes and 88% of them are planning to renovate within the next three years.” If you are one of the homeowners who fall into this category, check out our recent blog post Updating Your Home for Sale .
While the circumstances and futures of the Baby Boomer generation are vast, there are three situations we have frequently encountered among our clients and contacts. These are seniors adjusting to financial changes such as job losses, those downsizing, and those moving into an assisted living or nursing facility. In all three cases, the homeowner and his or her family need to contend with housing and often selling a home. Especially if these decisions are attached to a decline in health or quality of life, they can cause stress and discord in the family. Knowing more about the options can help.
Adjusting to Financial Change
“During the first six months of the COVID-19 pandemic, workers age 55 and older were 17 percent more likely to lose their jobs than employees who were just a few years younger” according to AARP. And after losing their jobs, older workers have a harder time getting rehired. Often they must take a lower-paying position to get back to work.
If you are one of the many older workers in this situation, taking a look at your expenses and assets is important. It may be that refinancing your home and taking out some equity could help you weather the change in times. You might, instead, consider selling your home and taking profit quickly. ZVestors has helped several clients do just that and can give you a quote with no commitment or fees so that you have a firm idea of what your home can reasonably sell for.
To learn more about options for managing financial challenges, check out our recent blog posts “Your Biggest Asset” and “Saying Goodbye to 2020… and Goodbye to Debt.”
Downsizing
Inevitably, you accumulate items of all kinds over a lifetime. When life circumstances dictate that downsizing is called for, the number of choices you’ll have to make can be overwhelming. Experts suggest streamlining this process as much as possible and pacing yourself to avoid undue stress.
DailyCaring.com recommends you consider the following:
- Is this item regularly used?
- Does it truly enhance the quality of your older adult’s life?
- Would this item physically fit in their smaller living space and future lifestyle?
- Does it have a significant dollar value?
After selling or donating your belongings, you need to consider how long your property may be on the market and how long you can afford payments on two homes. Whether you hire a real estate agent or use a real estate investment firm such as ZVestors, selling your home quickly may be a critical part of your plan.
Moving into a Nursing Facility
If you or your loved one is moving into an assisted living or nursing facility, you may need to make a swift decision about any real estate holdings. If your home needs updating or extensive repairs, which is commonplace for elderly people whose income and age may limit these endeavors, selling the property can become more complicated.
If you do not have long term care insurance but need skilled nursing care, you may need to apply for Medicaid benefits to cover the cost of care. Importantly, your home can become a liability, especially if you live in an area of the country where home values are high. According to AgingCare.com, “when a senior specifically applies for Medicaid coverage of long-term care services, including nursing home care, their equity interest in their home must fall below $585,000 to be considered exempt in 2019.
In order to avoid the expense of preparing the property for the market, a real estate investment firm such as ZVestors may be the best choice. After determining the market value of the house, ZVestors will buy your home for cash and can usually close in a matter of a couple of weeks. You can then use the cash for the medical care you need without delay.
About ZVestors
ZVestors is a real estate investment company that buy houses for cash, as-is. ZVestors will make an offer to buy your house for cash if your property is in the DC metro area, Maryland or Virginia. We are committed to making the process of selling your home simple and straightforward, and our buying agents take building relationships with clients seriously.
The buying agents at ZVestors www.ZVestors.net can give you honest, reliable feedback on your home’s value. Call (703 259 0570) or email (info@ZVestors.net) us today. There is no pressure, no listing fee, and our team is happy to build your offer right away.
Read our recent blog post “Why Choose ZVestors”.