![]() If you’re interested in aging in place but are struggling to pay your mortgage, you might consider a reverse mortgage, says Gottlieb. In addition, it may be most affordable to stay in your current home if your mortgage is paid off or if your rent is low. This option is ideal if you do not need comprehensive care for your daily living-or just need some caregiving assistance. These options include aging in place-such as staying in your home or sharing a home or apartment with loved ones-or moving into a subsidized senior living facility and/or assisted living facilities. Louis.īelow you will find helpful information on low-income and affordable housing options for older adults, as well as subsidies that can make rent more affordableĬurrently, there are several affordable housing options for older adults who are facing financial insecurity. “There is affordable housing out there, but it’s few and far between, and it’s not necessarily ideal for a lot of people,” says Ted Gottlieb, a realtor and founder of The Senior Learning Institute in St. ” meaning they live at or below 200% of the federal poverty level ($27,180 per year for a single person in 2022), according to the National Council on Aging HHS Poverty Guidelines for 2022. More than 15 million older adults are “economically insecure, Get the Facts on Economic Security for Seniors. Meanwhile, the number of low-income adults age 65 and over is also on the rise. In addition, there is a scarcity of safe and accessible housing communities that are appropriately designed to serve the needs of the older adult population. Increased demand for housing, higher construction costs and an ongoing shortage of building supplies have made housing prices soar. Low-Income And Affordable Housing Options For Seniors While we work hard to provide accurate and up-to-date information that we think you will find relevant, Forbes Health does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. ![]() The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Health. Second, we also include links to advertisers’ offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Health site. ![]() The Forbes Health editorial team is independent and objective. ![]()
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