Elderly forced to forgo move to assisted living because of economy

The housing crisis has kept thousands of older Americans who need support and care from moving into retirement communities or assisted-living centers, effectively stranding them in their own homes, according to a November 22 article in The New York Times.

Without selling their houses or condominiums, many cannot afford to buy into retirement homes. So they are scratching themselves off waiting lists, canceling plans with packing services and staying put in houses that fit well 30 years ago but over the years have become lonely, too large or too treacherous to navigate.

“It is part of the hidden problem of the recession,” said Larry Minnix, president of the American Association of Homes and Services for the Aging. “Every neighborhood, every family’s got them.”

Retirement facilities have watched their waiting lists wither and their occupancy rates fall in the last year, are they are now scrambling to bring people through their doors. Some assisted-living centers have called in real estate agents to teach prospective residents about online advertising and how to clean and preen their homes for showings. Others have set up programs with banks to provide bridge loans to homeowners, or are discounting apartments and offering low-interest loans.

This entry was posted in Economy and tagged , , , . Bookmark the permalink.

JVA welcomes your comments and feedback on all Nonprofit Street articles. While JVA will post all relevant comments, it will not post comments that are advertising products or services or those with obscenities. Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s