Helping Senior Parents Downsize? Here’s What You Need to Know

​Your parents have held onto the family home for years, committed to aging in the same home where they raised a family. But lately, you’re wondering if that’s such a good idea. From more frequent trips and falls to housework piling up, there are signs that it’s time for your senior parents to downsize their home. Instead of putting it off, use these resources to help plan your senior parents’ downsize.
What to Consider Before DownsizingDownsizing isn’t a decision to rush into. In addition to the logistics of moving to a smaller home, there are a lot of emotions tied up in downsizing too. Here’s what to consider before you commit.
 

• 6 reasons you may want to downsize the family home.
• Why downsizing your home can save you money.
• How to help an elderly loved one downsize.
• Saying goodbye to your childhood home.

Weighing Your Senior Living OptionsAfter making the decision to downsize, it’s time to weigh senior living options. The right answer for your senior loved ones depends on their preferences as well as their care needs.
 

• What’s the difference between types of long-term care facilities?
• Hiring in-home care for aging in place: What to know.
• Downsizing: The pros and cons of a 55+ community.
• Should Mom or Dad move in with you? 5 things to consider.

How Seniors Can Afford a New HomeDownsizing can cut costs related to utility bills and upkeep, but it doesn’t always mean a lower house payment. Here’s what seniors should know about financing and affording a home in retirement.
 

• You’re moving: Should you rent or buy?
• Mortgage assistance programs for veterans.
• Purchasing a home with a reverse mortgage during retirement.
• How much does it cost to move?
• 5 hidden costs of downsizing your home.

How to Pay for Long-Term CareUnfortunately, independent living isn’t an option for every senior. If your senior loved ones need to move to long-term care, the first step is deciding how to pay for it.
 

• Medicare, Medicaid, and long-term care: Your questions answered.
• Long-term care insurance: The good, the bad, and the ugly.
• Should I add a long-term care rider to my life insurance policy?
• Should you use your home equity to pay for long-term care?

 
Downsizing is never easy, least of all when you’re 60+. However, the benefits outweigh the burden for seniors who choose to downsize. Whether they move to long-term care or an age-friendly home, your parents will gain a manageable house and more independent lifestyle by downsizing. Take the lead on your parents’ downsize and enjoy the peace of mind you feel knowing they’re safe and healthy at home.
 
Image via Pexels
Author Andrea Needham
http://eldersday.org/