Is living in place better for older adults and seniors? Read on as we outline some key benefits and resources that can help you better age in place.
The overwhelming majority of Americans would prefer to live and age in place — that is to continue living at home as they grow older. The benefits of a continued happy, healthy life at home make it obvious why.
Independence came up as the most often cited benefit to older adults who want to continue living in their current homes rather than living in senior living facilities. And luckily, there are different types of home care services to choose from for individuals who choose to do so. Research has also found that autonomy and self-determination are key factors linked to both physical health and mental wellbeing.
A study conducted in Illinois has shown that staying connected to your social network as you age can slow the decrease of cognitive function by up to 70%. Staying in your home allows you to keep seeing friends and family on your schedule and you’re able to host gatherings and get-togethers when you want compared to living in an assisted living facility.
More than four in five seniors or older adults say they feel safer at home than anywhere else. Being surrounded by familiar routines and environments provides a helpful anchor in the midst of natural life changes. Unsurprisingly, 50% of seniors also say that the pandemic has made their feelings about living at home stronger.
In most situations, living at home is more cost effective than moving into an independent or assisted living community. A private room in an assisted living facility can cost upwards of $75,000 per year, especially if you require specialized health care.
Of course, living in place comes with its own costs — these may include home health care, safety upgrades, home modifications, help with errands, and more. We developed our sale-leaseback program to help with the financial and physical challenges of thriving at home for as long as you want, provided you pay rent and comply with the lease.
With Truehold’s sale-leaseback program, we buy your home at a competitive price in cash, lease it back to you immediately, and take care of upkeep, major repairs, and property tax. Your right to stay in your home for as long as you’d like as a renter is contractually guaranteed. Meanwhile, unlocking the equity you’ve built in your home makes it more readily useful for you — whether you plan to spend it on daily expenses, healthcare, other investments, or even travel.
If you’d like to learn more, give us a call at (855) 538-1145 and one of our advisors can help determine if Truehold is the best option for you.
In addition to Truehold, there are a number of other resources you can tap into to plan for and improve your living in place experience. Over the next few weeks, we’ll be highlighting a few of those resources, specifically in St. Louis. Stay tuned for more!
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