Living on a fixed income can be challenging, especially when it comes to the cost of housing. This does put limitations on where you can chose to live, but there are creative ways to find good senior housing on a fixed income. These are some of the best ideas I’ve found:
Begin preparing ahead of time. One of the best ways you can set yourself up for success living on a fixed income is by preparing in advance. Buckle down and work hard to pay off your mortgage. Work with a financial advisor who can give you advice and tools to prepare.
Look into rental assistance from HUD (the U.S. Department of Housing and Urban Development). You may qualify for low-income senior housing, which can make rent much more affordable. This tool can help you find local offices for further information.
Research USDA Affordable Rural Housing. Through subsidies from the government, these apartments are located in rural areas. Some are specifically designed for seniors, and can offer lower monthly rent than other apartments in urban areas. You can find out more on this website.
Learn more about FHA Reverse Mortgages. This option may or may not work well for you, but if you have enough equity in your home, a reverse mortgage could help you access those funds. This article covers in more detail what a reverse mortgage is.
Look for other programs. Aside from the government, there are additional programs and organizations that could help you. Here is a list of HUD-approved agencies you may want to look into.
Consider a roommate. This option may not sound glamorous, but it could be a really great option to find a like-minded senior you can share space with. Or, if your family is close by, you may want to suggest a multigenerational housing option.
The challenge of finding senior housing on a fixed income may seem daunting, but it is not impossible. There are options available to you. If you would like more information about senior housing, it’s my area of expertise and my passion to assist you. Don’t hesitate to reach out!