The overwhelming majority of Americans would prefer to live and age in place — that is to continue living at home as they grow older. The benefits of a continued happy, healthy life at home make it obvious why.
Independence came up as the most often cited benefit to seniors who want to continue living in their current home. Research has also found that autonomy and self-determination are key factors linked to both physical health and mental wellbeing.
A study conducted in Illinois has shown that staying connected to your social network as you age can slow the decrease of cognitive function by up to 70%. Staying in your home allows you to keep seeing friends and family on your schedule and you’re able to host gatherings and get-togethers when you want.
More than four in five seniors say they feel safer at home than anywhere else. Being surrounded by familiar routines and environments provides a helpful anchor in the midst of natural life changes. Unsurprisingly, 50% of seniors also say that the pandemic has made their feelings about living at home stronger.
In most situations, living at home is more cost effective than moving into an independent or assisted living community. A private room in an assisted living facility can cost upwards of $75,000 per year, especially if you require specialized care.
Of course, living in place comes with its own costs — these may include home care, safety upgrades, help with errands, and more. We developed our sale-leaseback program to help with the financial and physical challenges of thriving at home for as long as you want.
With Truehold’s sale-leaseback program, we buy your home at 100% of its full value in cash, lease it back to you immediately, and take care of upkeep, repairs, and property taxes. Your right to stay in your home for as long as you’d like is contractually guaranteed. Meanwhile, unlocking the equity you’ve built in your home makes it more readily useful for you — whether you plan to spend it on daily expenses, healthcare, other investments, or even travel.
If you’d like to learn more, give us a call at (314) 353-9757 and one of our advisors can help determine if Truehold is the best option for you.
In addition to Truehold, there are a number of other resources you can tap into to plan for and improve your living in place experience. Over the next few weeks, we’ll be highlighting a few of those resources, specifically in St. Louis. Stay tuned for more!