Thinking of moving to a senior community?
You could become very popular

BY JA STROM —
If you’re a senior who is ready to move into a senior housing community, you have lots of people waiting for you with open arms.... and some help.

The slumping housing market has “houselocked” some seniors. Unable to sell their homes or unwilling to sell for the current market value, they are staying put. This is causing more vacancies in senior housing communities which in turn is prompting many to offer incentives to attract those seniors.

So for some seniors, who aren't relying on their home equity as the primary source of funding a move to a senior community, this could be a very good time to make that move.

Incentives include things like free rent, help with moving, and help selling your home. Some companies are partnering with financial services companies to offer short-term loans.

Here’s a sample at some of what’s being offered. Keep your eye out for more “deals.”

Help with selling your home

Presbyterian Homes, which has many senior communities throughout the Twin Cities metro area, is offering a program called Home Connections, in which it is partnering with Gentle Transitions and Coldwell Burnet Banker.

According to an article in the Star Tribune, seniors who are selling their homes can work with a specially training sales agent and a “moving manager” who will oversee the entire process, including repairs and preparation for sale and help with the move. Sellers will also get a rebate of between $400 to $650, depending on the sale price.

Short-term loans

Several senior housing communities, including large, national chains like Sunrise and Brookdale, are partnering with a financial services company (Elderlife) to offer short-term loans (up to five years) to prospective residents who may be waiting for their home to sell or for veteran benefits to start. Up to six family members can apply together to fund care. Loan proceeds are paid directly to the senior housing community.

The ElderLife Website has a listing of those communities in the state that participate in the program. If the community you want to move to does not participate, they might join at your urging or be able to recommend another, similar loan program.

Ask about incentives

Incentives may include free rent for a month or two, help with moving costs, or discounts on meals or housekeeping. And if the offer is not listed on the community’s Web site, don’t hesitate to ask if one exists.

Help finding financing resources

Senior communities are aware that retirement portfolios have decreased along with housing prices. Several have been offering seminars on such resources as Veteran’s Benefits that can help fund care.

The VA’s Aid and Attendance ("A&A") is a benefit paid in addition to monthly veterans’ pension if the veteran needs help with daily living activities such as bathing or dressing. There is also a Homebound benefit for veterans who are “permanently and substantially confined to their immediate premises.”

Watch the GrayTimes Senior Events Calendar for seminars on these and other topics.

(Posted February 16, 2009)