For many families, the cost of assisted living raises an immediate question: Do we have to sell the house to pay for it? Not necessarily. Several assisted living payment alternatives may make it possible to keep a longtime home while covering the costs of a move.
The right approach depends on your financial situation, available benefits, property, and long-term plans. Exploring senior living financial strategies early can help your family understand its choices and create a realistic budget.
Review Long-Term Care Insurance Benefits
Long-term care insurance may be one way to pay for assisted living without selling a house. If your loved one purchased a policy years ago, review the coverage before assuming what it will or will not pay.
Contact the insurance provider and ask about:
- Daily or monthly benefit limits
- Waiting periods before benefits begin
- Maximum coverage amounts and benefit periods
- Requirements for qualifying for benefits
- Which assisted living expenses are eligible
Knowing these details can help you estimate how much of the monthly cost insurance may cover and what other resources may be needed.
Explore Veterans Benefits
Eligible veterans and surviving spouses may qualify for financial assistance through Department of Veterans Affairs pension benefits, including Aid and Attendance. Depending on eligibility, these benefits may help with assisted living expenses without requiring a home sale.
The application process may require information related to:
- Military service and discharge status
- Daily support needs
- Income, assets and certain expenses
Because eligibility depends on individual circumstances, consider working with an accredited veterans benefits professional or veterans service organization before making financial decisions.
LakeHouse Sheboygan also offers a veterans program designed to recognize those who served and help veterans and their families explore resources that may be available to them.
Consider Renting the House for Additional Income
For some families, keeping a house while in assisted living becomes more manageable by turning the property into a source of monthly income. Renting the home may help offset senior living expenses while allowing the family to retain ownership.
Before becoming a landlord, consider the practical and financial responsibilities involved, including:
- Property management and maintenance costs
- Insurance requirements
- Potential vacancies
- Taxes associated with rental income
- Local rental demand
A property management company may be useful if family members do not live nearby or do not want to handle day-to-day responsibilities.
This strategy will not work for every household, but it can be one of several assisted living payment alternatives worth discussing with a financial or tax professional.
Look Carefully at Home Equity Financing
Home equity may also be part of a broader financing plan. A home equity line of credit (HELOC), for example, allows a homeowner to borrow against available equity. However, borrowing against a home comes with interest, repayment requirements and the possibility of putting the property at risk if payments cannot be made.
Before using home equity to finance assisted living, compare the total borrowing costs with other available resources. A financial professional can help you understand whether this option fits your family's long-term budget and plans for the property.
Combine Financing Assisted Living Options
Families often find that the answer is not one funding source but a combination of resources. Depending on individual circumstances, financing assisted living options could include long-term care insurance, veterans benefits, rental income, savings, investment income or home equity.
Start by creating a monthly budget that compares available income and assets with the complete cost of Assisted Living. Remember to consider expenses you may no longer have after moving, such as groceries, some utilities, routine home maintenance and certain transportation costs.
At LakeHouse Sheboygan, Assisted Living brings several everyday services together. Residents have access to chef-prepared meals, weekly housekeeping and laundry, apartment maintenance, community programs and comfortable shared spaces. Exploring the community's amenities and services can help families identify which current household expenses may change after a move.
That broader comparison can provide a more useful picture than simply comparing the monthly assisted living rate with a mortgage payment.
Think About the Value of Daily Life, Too
Financial planning matters, but cost is only one part of choosing assisted living. For an older adult who has been spending significant time alone, moving can also mean having neighbors nearby and more opportunities for conversation and connection.
LakeHouse Sheboygan offers social programs, exercise opportunities, art workshops, cooking sessions, outings and other ways for residents to spend time together. Families can review the community's program calendar to get a feel for everyday life.
The community also offers suite, one-bedroom and two-bedroom apartment options, helping families consider a living space that fits their needs and budget.
Frequently Asked Questions
Can You Afford Assisted Living Without a Home Sale?
Potentially. Long-term care insurance, eligible veterans benefits, rental income, savings and other resources may provide alternatives to selling a home. The best combination depends on your financial circumstances.
Is Keeping a House While in Assisted Living Practical?
It can be, but families should account for ongoing costs such as taxes, insurance, maintenance and property management. Compare those expenses with the financial and personal reasons for keeping the property.
What Should Families Do First?
Create a complete picture of income, assets, benefits and housing expenses, then compare those resources with anticipated Assisted Living costs. A qualified financial, tax or benefits professional can help you evaluate the options before making major decisions.
Ready to see how Assisted Living could fit into your family’s plans? Schedule a tour of LakeHouse Sheboygan to explore the community, see the apartment options and learn more about what’s included.
