No other group of individuals deserves more care than the housing needs for seniors when it comes to buying and selling Denver homes. We understand how uncomfortable it can be for seniors to give up Denver houses and sell the home where they have so many memories and feel safe and secure in their environment. Making a switch to alternative senior citizen housing is not something seniors look forward to ordinarily and we recognize the stress it puts on the adult children. Fill out our form below to get information about available senior housing and other options for seniors needing to downsize their home.
We have many solutions to accommodate affordable senior housing and one of which may be to keep their home. Click on the video to learn more about choices for senior citizen housing. If you want to learn more about senior housing go to the top of the page to the Real Estate Information tab and select the classes and workshops to find the next event for How Seniors Can Keep Their Home and Get a Monthly Income.
REVIEW THE CURRENT SENIOR HOUSING SITUATION FIRST
Before making any move towards a change in senior housing, your family will need to review the current situation and determine the next steps should a change be in order. We know most everyone wants to stay at home and age in place as we get older. That is most ideal if all the factors come together in just the right way where senior housing is concerned. However, it is common for the family home to become a burden on the senior occupants and the rest of the family particularly in terms of maintenance and the financial costs associated with home ownership. You’ll want to know the senior housing trends today, the real estate market condition, the value of the senior’s current home, and an understanding of home financing for seniors. You’ll also need to look at the broader picture of the senior which includes taking into account retirement plans, social security, Medicare and Medicaid, pensions, coupled with senior citizen housing, etc. Your realtor, particularly one designated an SRES (Senior Real Estate Specialist) has the knowledge and experience to help you plan a course of action for senior housing and to give you options you may not have thought of. Together, we can help you determine the very best place to call home.
AFFORDABLE SENIOR HOUSING OPTIONS
There are lots of choices for affordable senior housing today when it comes to seeking out Denver homes and apartments to meet their new needs. When considering the right housing avenue for seniors it’s important to assess the options for senior citizen housing and what each new situation can provide such as:
- Moving to a smaller home, condominium or townhome.
- Inviting the senior parent to live with the adult children.
- Find communities that offer active lifestyles for independent seniors.
- Evaluate assisted living centers and other full service nursing homes.
We have the experts that can help you in all areas of decision making when it comes to senior housing choices. You’ll also need some senior citizen housing pros to help you pack and move, take care of landscaping, maintaining the home you’re in or the one you buy and we can assist you with that. Very often you’ll need a home stager and/or someone to “de-clutter” a home because seniors often collect far too many things and don’t have the heart to get rid of what they should have gotten rid of a long time ago. Again, we can help you with that and more where senior citizen housing is concerned. We will help you get the most money for your home should you decide to sell it, and again help you get the best new home purchase should you decide to buy a home. But above all else, we are here to listen and to help seniors and their families make the right choices for them. We know senior housing is a sensitive issue for both the seniors and their adult children. Take a look at Your Wish List here for senior housing and organize your thoughts as to what would be most important for you if you’re contemplating a move from your present home.
HOW REVERSE MORTGAGES HELP SENIOR HOUSING AND MORE
You’ve probably seen all the ads on TV or heard them on radio about taking out a reverse mortgage on your home and thereby eliminating all of the debt and having no mortgage payment to pay for senior housing. And the program can even pay you. This is a special opportunity offered for senior citizen housing. As with most mortgage products over the last few years, the regulations for these loans have been updated and they favor seniors who are most generally 62 years of age and older. Most seniors and their adult children do not fully understand the benefits of these mortgage products, and they tend to think they are conveying ownership of their home to someone else. That is absolutely not true; rather this is an option in consideration of other senior citizen housing. The senior homeowner still owns their home and can stay in the home for as long as they own it. You can use a reverse mortgage to keep the senior’s home they presently have, or you can use it to buy another home that may suit their lifestyle and needs better. Seniors can even use a reverse mortgage on their primary residence to purchase investment property elsewhere. Now that’s a switch; not what you usually think of considering senior citizen housing! Imagine the senior homeowner living in their primary residence and buying an investment property that generates income for them and all the while not having to make any mortgage payment. Sounds pretty slick, but it’s the real thing and guaranteed by the US Government. One thing to be sure of though, most realtors let alone lenders do not either know enough about reverse mortgages or offer them and for that matter few understand the needs of senior housing. So be sure to speak with a designated SRES realtor and a mortgage company that specializes in reverse mortgages and senior citizen housing to get all your questions answered and to determine if this is a viable option for you and your family.
Wondering if a reverse mortgage would work for you? Use the calculator below to find out.
THE SENIOR FINANCIAL PICTURE
No matter whether you’re rich or poor, understanding the senior financial picture is essential to good planning especially when senior housing is an absolute consideration. Since we all hope to live long enough to enjoy those golden years, it’s best to get a handle on the financial picture you will face in your senior years before those years creep up on you and then finding you’re facing senior citizen housing issues when you least expect it. You’ll need to look at any capital gains you might have on real estate if you sell it. You may be below the maximum allowed exemption depending on the value of your home and whether you’re single or married. You’ll want to speak with a CPA, certified public accountant, if you have a particularly complicated asset portfolio or if you own a primary residence and/or additional real estate holdings or other business interests. Don’t overlook a 1031 Tax Deferred Exchange if you own investment real estate. You may also want to seek out the advice of a CFP, certified financial planner, who can help you determine how to structure your assets so you don’t outlive your income . . an essential need when planning for senior housing. A real estate attorney and an estate attorney may also be in order, again depending on your needs and how complex your financial picture may be. Even in cases where seniors do not own much but a small home, they too need advanced planning if they plan to obtain Medicaid help. You’ll want to take into account how Medicare, Social Security, 401K’s, IRA’s, pension plans, long term care plans, etc. affect your senior citizen housing needs. We are happy to help connect you with the professionals mentioned above should you need it; it’s part of what we do for senior citizen housing.
At Colorado Front Range Properties we can help with affordable senior housing because we have the experience, knowledge, and dedication to serve our senior population and secure senior citizen housing for them. On a personal note, we take planning for seniors very seriously in large part because we have dealt with it on a personal level and because we know as baby boomers you must plan accordingly to safely secure your future. Affordable senior housing issues are and will become more dominate in the real estate markets across the country as the baby boomers begin their aging in place resulting in more senior citizen housing. That means more choices and opportunities for senior housing in the years to come.
We would appreciate the opportunity to speak with you and your family about senior housing options which may include providing income so seniors can stay where they are. Fill out the form above to request more information or drop us an email or phone call and we will schedule a no obligation consultation with you and your family.
You can visit the calendar of events here for a full list of events, dates and times.
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