As our parents age, their needs are constantly changing. If your parent needs assisted living or memory care so they can maintain a high quality of life, you may have many questions about what to do along the way. One common question that occurs when caring for a senior parent involves whether or not you should sell their home to pay for care.
There is no answer that fits every situation. It can be difficult to balance your parent’s need for care and the emotional attachment you may have to the property. You may seek advice from your family and a legal or financial advisor to determine whether or not this is an appropriate solution for your parents’ care.
Fortunately, there are some things you can do to find the answer easier—starting with assessing your parents’ needs.
Assessing Your Parent’s Needs
You may begin navigating this process by determining what level of care your parent needs. This can include considering factors such as:
- Their physical health
- Their cognitive health
- Any mobility limitations they may have
- Medical needs
- Daily living needs
In some situations, if your parent doesn’t need a high level of care, you could seek at-home care for them with the help of an in-home nurse. However, there’s also the possibility that they may benefit more from moving into a senior living community.
If your parent needs some help with their day-to-day life but wants to remain independent, it may be a good idea to look into independent or assisted living communities near you. If they are experiencing memory impairment, like dementia or Alzheimer’s disease, it may be more beneficial to seek out a memory care community.
Discussing the Situation with Family
Once you’ve determined your parent’s needs, it helps to involve the rest of your family. This can give you an opportunity to understand everyone’s thoughts on the matter and address any concerns they may have.
Try scheduling a meeting with your family where you can discuss the potential options, gain insight on each other’s thoughts, and provide emotional support to each other. Every person in your family may view the situation differently, and there may be solutions you haven’t thought of yet.
It’s important to prioritize open and honest communication here so you can make an informed decision for your parent’s well-being.
Determining the Financial Situation
Ultimately, one of the biggest factors when considering selling a parent’s home to pay for care is money. As you assess your parent’s financial situation to gain an understanding of what resources are available, you might ask them about:
- Their savings
- Investments
- Pensions
- Insurance policies
- Government coverage
- Any other assets they may have
It can be beneficial to speak with a financial advisor during this process. They can evaluate the situation with a professional eye to determine an appropriate solution that may not involve selling the home.
Steps Involved with Selling the Family Home
If you determine that selling the family home is necessary, there are several things to consider. You will have to determine the home’s market value with the help of a realtor or professional appraiser. Gather all the necessary financial documents, like:
- The deed to the home
- Mortgage information
- Property tax information
Then it’s time to decide who will actually sell the home. It’s important to discuss with the people around you whether the family will handle the sale process privately or if you’ll hire a realtor to navigate the process.
Memory Impairment
Sometimes, memory impairment becomes a factor that can make the sale process more complicated. If your parent is experiencing symptoms of memory impairment or has been diagnosed with a condition like dementia or Alzheimer’s, it may be time to discuss power of attorney (POA) with your family.
If you’re considering this, it’s important to consult a legal professional to ensure the process is done properly.
Picking the Right Senior Living Community
At the end of the day, the decision to sell a parent’s home to pay for their care can be an emotionally challenging choice. It’s important to include your parent and other family members in the discussion so you can feel confident that, wherever they live, they’ll be happy.At Parsons House Preston Hollow, we know that this can be a complicated process, and we’re here to offer our support. If your parent is in need of assisted living or memory care near Dallas, book a tour with us today, and come visit a place that truly feels like home.