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I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
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VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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igloo and send brought up most of the points I was intending when I wrote "It depends." I'm 64 and I'm thinking that I don't want to be bothered with the maintenance and expense of a house. We own this house here and some of the repairs, e.g. roof or water damage, cost the equivalent of several months of rent. Insurance is another month's worth. Taxes are two more month's worth. The cost of maintenance, insurance, and taxes are so high now that there is really no benefit in ownership except that it is yours.
If I were 80, the only way I would buy a house would be if it was such a good investment that I couldn't pass it up and I had heirs who could enjoy that investment. Otherwise, I would just rent a place in a community that had people my own age around me.
If any lending will be needed regarding buying a home & age, lenders / mortgage companies can't turn you down due to age as its discrimination BUT lenders can use actuarial tables to determine risk and place the terms of the loan within that risk. It may be that you an only qualify for a conventional loan & the downpayment is 50% - 70% of the price & the usual mortgage insurance plus require a life insurance policy with mortgage as the beneficiary.
It's a lot of $ that is now placed into a home which is an investment which is not easily liquid IF something should happen & you need $ quickly.
If you have a higher monthly income plus oodles of other assets & they are easily liquid (like maybe 300k + to private pay for care & regular living expenses plus that mortgage) and so the $ used for the downpayment for the house is not needed for your life style now & in the near 10 yr future, then buying can make sense.
Personally I'd be looking to downsize big time at 80 with as little debt as possible
Dulcimer, are you asking about buying or renting in a Contiuing Care facility? I know that there are some facilities that will offer a client a "buy in" option where you give them A Lot of money upfront and they guarantee to care for you for life. These were the norm where I grew up NYC suburbs) but as people live longer, not as many places are offering them. I think they were also a mechanism by which to exclude folks who weren't wealthy.
Yes, if the goals are to age in place, have caregivers in when the time comes, and have the possibility to leave your home to an heir, an 80 year old should buy a home. It is easier to design the monthly expenses to suit your budget over time according to the down payment (never 100%) decreasing the mortgage. You should start with a small mortgage to be able to access any equity for your own needs-if you buy it 100%, it is almost impossible to refinance the home. Even if you never could afford to refinance, you want to retain the option. Additional benefits are you won't be begging to have pets (how many, what breed), having to move if Landlord sells, have unexpected increases in rent if landlord's property value skyrockets.
If financial planning and legal protections (such as not allowing adult children to steal out your equity for their needs under the guise of buying you a car, and "helping you) are in place like a trust, then buying may be feasible. Almost any mortgage with a down payment of over 30% will get almost anyone with good credit a house with a loan. imo. ,I could be wrong!!!! Also, there are 15 year mortgages. Depending upon who is living with you and their investment in the home, you should have what you want to meet your needs. Then, if you have the money, buy. Don't however, buy a fixer upper. A modest one level, suitable for long-term such as ramp, wheelchair access, or even buying in a retirement community close to family or senior services could all work. With home ownership comes responsibilities as well as rewards and a certain dignity unattainable when living in a home that is not yours. Imo. Expect to have a gardener and housekeeper in your budget. Avoid HOA's if possible. Don't buy if others on the street are over developing huge mansions on postage sized lots because your property taxes will go sky high. imo. One vote: Buy
You'll need to provide more information, such as where the 80 year old is living now, whether he or she need higher levels of support, what other factors are relevant to a decision of whether to rent or buy.
However, perhaps the most important consideration of buying is age. Lenders would look askance at granting a mortgage to someone of that age, unless he/she holds sufficient assets to pay off a mortgage either before or after death.
A secondary issue is the health of the individual. It isn't easy for an 80 year old to keep up a house. The cost of internal and external care, such as cleaning, home repair, lawn services, etc. would have to be considered as part of the cost of house maintenance.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
If I were 80, the only way I would buy a house would be if it was such a good investment that I couldn't pass it up and I had heirs who could enjoy that investment. Otherwise, I would just rent a place in a community that had people my own age around me.
It's a lot of $ that is now placed into a home which is an investment which is not easily liquid IF something should happen & you need $ quickly.
If you have a higher monthly income plus oodles of other assets & they are easily liquid (like maybe 300k + to private pay for care & regular living expenses plus that mortgage) and so the $ used for the downpayment for the house is not needed for your life style now & in the near 10 yr future, then buying can make sense.
Personally I'd be looking to downsize big time at 80 with as little debt as possible
Additional benefits are you won't be begging to have pets (how many, what breed), having to move if Landlord sells, have unexpected increases in rent if landlord's property value skyrockets.
If financial planning and legal protections (such as not allowing adult children to steal out your equity for their needs under the guise of buying you a car, and "helping you) are in place like a trust, then buying may be feasible. Almost any mortgage with a down payment of over 30% will get almost anyone with good credit a house with a loan. imo. ,I could be wrong!!!! Also, there are 15 year mortgages. Depending upon who is living with you and their investment in the home, you should have what you want to meet your needs. Then, if you have the money, buy. Don't however, buy a fixer upper.
A modest one level, suitable for long-term such as ramp, wheelchair access, or even buying in a retirement community close to family or senior services could all work.
With home ownership comes responsibilities as well as rewards and a certain dignity unattainable when living in a home that is not yours. Imo. Expect to have a gardener and housekeeper in your budget. Avoid HOA's if possible. Don't buy
if others on the street are over developing huge mansions on postage sized lots because your property taxes will go sky high. imo.
One vote: Buy
However, perhaps the most important consideration of buying is age. Lenders would look askance at granting a mortgage to someone of that age, unless he/she holds sufficient assets to pay off a mortgage either before or after death.
A secondary issue is the health of the individual. It isn't easy for an 80 year old to keep up a house. The cost of internal and external care, such as cleaning, home repair, lawn services, etc. would have to be considered as part of the cost of house maintenance.