If you're helping a parent move into assisted living, one of the first concerns that may come up is what to do with their home. Many families assume it has to be sold right away. In reality, that isn't always the case.
For many older adults in Cambridge, OH, keeping the home can offer peace of mind for both you and your parent. A spouse may still live there, you may want to keep it in the family, or it may continue to grow in value over time.
Fortunately, there are several ways to pay for assisted living without selling the house, allowing your family to hold onto an important asset while planning for care.
Exploring different assisted living payment options can help you feel more confident as you make decisions during what can be an emotional transition.
If your parent has built equity in their home, you may be able to access those funds without selling.
A reverse mortgage is one option for homeowners age 62 and older. It allows your parent to convert home equity into cash while continuing to keep the house while in assisted living. The loan is typically repaid later, once the home is sold or no longer used as a primary residence.
Another option is a home equity line of credit (HELOC). This allows you to borrow funds as needed and only pay interest on what is used. For some families, this creates a more manageable way to cover monthly senior living costs.
Before moving forward, it’s helpful to speak with a financial advisor who understands both retirement planning and senior housing expenses.
Instead of selling, some families choose to rent the home. Rental income can help offset assisted living costs while keeping the property in the family.
Property management companies can take care of many responsibilities, including:
Some families also explore short-term rentals, though these often require more involvement and depend on local rules. Long-term rentals tend to provide more consistent income with less day-to-day effort.
If you're looking into financing senior living alternatives, rental income can be a practical part of your overall plan.
If your parent or their spouse served in the military, there may be financial help available. Many families are surprised to learn about veterans benefits for assisted living, including the VA Aid and Attendance benefit.
This program can provide tax-free monthly payments to help cover care costs. Current benefit amounts may include:
Eligibility depends on service history, financial qualifications, and care needs. Because the application process can take time, it’s a good idea to start early.
In Cambridge, local Veterans Service Offices can also help guide you through the process.
If your parent purchased a policy years ago, now is the time to take a closer look. Long-term care insurance coverage often helps pay for services in assisted living communities, though details vary.
Coverage may include help with personal care, such as bathing and dressing, along with dining services and daily assistance. It may also extend to care coordination and wellness services, depending on the details of your policy.
Each policy has its own rules, including waiting periods and benefit limits. Contact the insurance provider to understand what’s covered and how to begin the claims process before your parent moves.
Some life insurance policies have cash value that can be borrowed against or converted into funds through a life settlement. This can provide immediate financial help without selling the home.
Bridge loans are another option. Families sometimes use them while waiting for other funds, such as investments or insurance payouts, to become available. While interest rates may be higher, they can help cover costs during a short transition period.
When used alongside other assisted living payment options, these tools can give you more flexibility as you plan.
Depending on Ohio’s Medicaid programs, your parent may qualify for assistance with certain long-term care expenses. Eligibility is based on income, assets, and program guidelines.
In many cases, a primary residence is not counted as an asset. This means your family may be able to keep the house while in assisted living while still qualifying for benefits.
If a spouse continues living in the home, additional protections may apply. Because Medicaid rules can be complex, working with an elder law attorney or financial professional can help you understand your options.
Planning can make a big difference in protecting your parent’s assets while ensuring they receive the care they need.
Helping a parent transition into assisted living comes with many decisions, and finances are often one of the biggest concerns. Whether you're considering home equity, rental income, veterans benefits for assisted living, long-term care insurance coverage, or other financing senior living alternatives, taking time to explore your options can ease the process.
For families in Cambridge, OH, Cardinal Place Assisted Living and Memory Care offers comfortable apartments, restaurant-style dining, engaging daily programs, and welcoming spaces where residents can feel at home. Schedule a tour today to see how we can help you explore assisted living payment options that work for your parent and your family.