What is safest investment for seniors who want to make a move?
There are several types of senior living communities. However, when it comes to personal finances and the affordability and flexibility of choosing where to live when you or a loved one gets older, making the right decision is important.
One of the safest and popular senior living options is a community that provides a rental model. The benefits of this model as compared to a buyin continuing care retirement community (CCRC or life plan community) outweigh any negatives that might be perceived.
The affordability of a rental community is accessible and provides the resident with more money in their pocket to enjoy as they wish. Rental communities have a small community fee ($2,500 on average), or reservation fee, as compared to a larger up-front entrance fee ($320,000 to over $1 million on average) at a CCRC in addition to a monthly fee and potential increase in level of care.
It is important to understand what is included in the costs associated with living. With a rental agreement, you have the freedom and flexibility of paying for what you get.
However, after providing the entrance fee at a CCRC or life plan community, should you want to move elsewhere, residents will be responsible for their residence until it is resold. This can sometimes take several months before you are able to shed the financial obligation of your senior home.
Additionally, the entrance fee does not always get returned in full or in a timely manner. Both options provide the care options you might need. With a rental property, there are different types of communities that provide all-inclusive services or some variation of independent living, assisted living, and memory care.
You can find well-appointed, luxury rental senior living communities such as The Village of River Oaks, The Village of Southampton, and The Village of Tanglewood that provide a lifestyle that meets your personal expectations without a substantial entrance fee.
Further details
Visit online at RCMseniorliving.com to learn more.