According to a 2011 AARP study, 90% of adults over age 65 want to stay in their home for as long as possible, but many end up moving to senior living communities.1 However, there are three specific models that may help seniors remain in their homes longer, especially if they have increasing health needs.
Implementing technology in the lives of seniors can be a beneficial tool for seniors to continue living comfortably and independently in their own home. The technology model relies on tech tools to keep tabs on seniors’ health.
Full Circle Program
A program such as Full Circle America2 provides services such as virtual check-ins by staff members, vital signs collection, community outings, and a quick call button, among others. Daily monitoring is provided via webcam and comes with a very reasonable price tag of $100-$600 per month depending on the services needed.
Village Model
The Village Model creates a community network between seniors and their communities through independence, social support and engagement. To help seniors continue to live at home, volunteers and staff of each village assist seniors with transportation, housekeeping, yard care, handyman services, health care advocacy and more.3 Villages also promote social activity through group activities, classes and volunteer opportunities. Most Village programs only cost around $500 per year.
Purpose Driven Model
Purpose Driven Models offer more affordable housing options to seniors for living in an area that needs their help. One such community that offers the special, purpose driven model is Generations of Hope4 which combines members of three specific community groups: children in the welfare system, families that have adopted children with behavioral or emotional needs, and retirees seeking to continue giving back to their community.
This unique concept provides decreased housing costs for seniors who volunteer six or more hours each week in their community through gardening, office support, babysitting, tutoring and more. This type of program meets the specific need for seniors maintaining a social life and sense of purpose as they age.
Evaluate Your Options
It is crucial to evaluate what is important to seniors as they transition into retirement. For many, staying in their own home at any cost is their highest priority. Others want to contribute to their community in ways they may not have been able to when they were working and raising families.
But as health needs increase, finding a viable solution for either safely staying at home or having a plan for moving to a senior living community is crucial. In some cases, choosing less well known solutions, such as implementing technology, the Village Model or the Purpose Driven Model can be an option.
Considering a Reverse Mortgage
If you want to stay in the home you love, one option you may want to consider is a Reverse Mortgage. A Reverse Mortgage, is a Federal Housing Administration (FHA) insured loan which enables you to access a portion of your home’s equity without having to make monthly mortgage payments. However, you must continue to pay required property taxes, homeowners insurance and maintain the home according to FHA requirements. For more information about a Reverse Mortgage loan, call a licensed advisor today at 800.976.6211.