If I Can’t Age in Place, What Are the Options?

Most older adults want to live in their own homes as long as possible. Sometimes it’s possible. Sometimes, workarounds are needed. When charting the path ahead, consider these alternatives.

Accessory Dwelling Units (ADUs)

These small apartments—whether backyard cottages, finished basements, or some other form of self-contained living space—are going mainstream. Since the enactment of the ROAD to Housing Act, expect to see ADUs legalized by zoning commissions in more towns and made easier to finance.

This could be a way to live with family, ensuring privacy for you and for them. Or it could be a rental property found for you by a local real estate agent.

Selling point: If a deed holder adds an ADU to a property, the property’s value can go up significantly.

Drawback: An ADU is a rental or guest home; it doesn’t come with a dedicated deed.

The Nonprofit Village

Maybe you can have your cake and eat it too. Seniors are creating their own support networks within their neighborhoods. These networks register as nonprofits, with members paying annual dues in exchange for connections to transit, home maintenance, and in-home care. A village may pay staffers to organize assistance networks.

Selling point: Outings and gatherings are offered, yet you live in your own home.

Drawback: There are limits to assistance if a senior faces health challenges.

Continuing Care Retirement Community (CCRC)

It’s a popular option, but not cheap. Residents live in private units or suites. As they begin to need assistance, they move into a housing unit with access to round-the-clock care.  

Selling point: With this option, active seniors can settle in a location where they’ll live long term, so someone else won’t make moving decisions for them later on.

Drawback: Room and board are not covered by Medicare. 

Age-Restricted Community

Active-adult communities often offer hotel-like amenities—possibly with dining packages—and quiet, child-free living.

Units are typically restricted to people 55+ who are fully independent.

Selling point: You can choose a rental community or a condo property where you hold the deed to your home.

Drawback: It might be impossible to pass the title to an age-restricted home on to your adult children.

Senior co-ops are popular today. Run by the people who live in them, they’re designed to offer the comforts of home among a supportive group of people.

Home Sharing

Housing cost burdens can stress out older adults who aren’t eligible for government support. One possible solution is home sharing.

Housemates can be peers. Or one might be a younger adult who, for a discounted monthly rent, can offer help or rides.

Selling point: This is one way for an older person to continue living at home.

Drawback: Finding trustworthy housemates is not always possible, and not all homes lend themselves to shared living arrangements.

Seniors who want to live in a shared, supportive household can consider holding a deed as tenants in common.

Leveraging Home Equity

Can you tap into your home equity to support your desire to age in place? A reverse mortgage, designed specifically for homeowners aged 62 and up, doesn’t require you to make additional monthly payments.

Selling point: With a reverse mortgage, in contrast to a home equity loan or line of credit, you need not make payments as long as you live at home.

Drawback: Loved ones won’t be able to count on inheriting your equity.

A home equity line of credit (HELOC) can provide funding for senior deed holders. Learn how it impacts your home’s title.

Ask for Directions

Deeds.com cannot offer individualized advice on financial, tax-related, or legal decisions. We hope this article serves as a helpful orientation. After reading it, consult licensed advisers to obtain guidance that fits your circumstances.