Do you know the difference between an active adult, continued care, retirement and independent living community? The American Seniors Housing Association and National Investment Center for Senior Housing and Care Industries, agreed on these standard definitions:1
Active Adult Communities are restricted to adults aged 55-plus years old. These communities often include single-family homes, townhomes and condominiums with no special services. These communities may have high-end amenities, such as golf courses.
Continuing Care Retirement Communities (CCRCs) are also age restricted and full of amenities. However, CCRCs offer lifetime care programs such as onsite meal plans, assisted living options and skilled nursing availability.
Independent Living Communities are age restricted multi-family rental properties. These communities have access to meals, housekeeping, laundry services, and recreational activities. However, there is no skilled nursing available on the property.
Assisted Living is a community of state regulated rental properties that are similar to Independent Living communities but they have skilled staff to help with daily activities.
Nursing Homes are room rentals in a skilled nursing facility where most residents require 24-hour nursing or medical care.
If you are 62 years or older and are looking to sell your current home and move to an Active Adult Community, see if you could benefit from a reverse mortgage loan – A Reverse Mortgage Advisor can help you explain the product and its features. To see if a reverse mortgage may be right for you, call 1 (800) 976-6211.