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Renting allows for your family to maintain ownership of the home, which may be difficult for your loved one to let go of, while creating income for the family to use to pay for assisted living.
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Costs vary by location and you may find that you can significantly save more money in one location than another.
In some states, Medicaid covers care at assisted living communities.
Assistance is also available to spouses of wartime veterans.
Additionally, there are assisted living communities focused on caring specifically for senior veterans and their families.
A senior who cannot afford assisted living often relies on some financial support from children or other family members.
A reverse mortgage allows you to borrow money based on equity in your home, which is paid back when you sell the home or move out.