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assisted living

Q&A: Home loans may help with long-term care costs

May 26, 2025 By Liz Weston Leave a Comment

Dear Liz: You recently responded to an elderly couple who planned to move into assisted living, but were concerned about capital gains taxes on the sale of their home. You suggested an installment sale or renting out the home as possible options. While not for everyone, another possibility is a home loan or a reverse mortgage to cash out tax free.

Answer: Reverse mortgages have to be repaid if the borrowers die, sell or permanently move out of their homes. If one of the spouses planned to stay in the home, a reverse mortgage might work, but not if both plan to move to assisted living.

A home equity loan or home equity line of credit might be options if the couple have good credit, sufficient income to make the payments and a cooperative lender. A tax pro or a fee-only financial planner could help them assess their options.

Filed Under: Home Sale Tax, Mortgages, Q&A Tagged With: assisted living, HELOC, home equity line of credit, home equity loan, long term care, long-term care costs, paying for assisted living, reverse mortgage

5 surprising facts about assisted living

October 2, 2023 By Liz Weston

If you or a loved one can no longer live safely at home, assisted living may be the answer. Residents typically live in their own rooms or apartments and get housekeeping services, meals and help with personal care.

But facilities can vary enormously, and people’s expectations about assisted living often clash with reality, elder care experts say. Here are some important things to know. In my latest for ABC News, learn 5 surprising facts about assisted living.

Filed Under: Liz's Blog Tagged With: assisted living

3 steps to keep ‘solo agers’ happier and safer

July 16, 2019 By Liz Weston

Retirement coach Sara Zeff Geber visited several Northern California assisted living facilities to interview “solo agers” — people, either single or coupled, who don’t have children to help them as they grow older.

At many facilities, she couldn’t find any. That puzzled her until she realized that adult children are often the ones pushing the move into long-term care facilities.

“Who is it that gets mom or dad to move out of the two-story, single-family home?” says Geber, founder of LifeEncore coaching service in Santa Rosa, California. “The kids badger and cajole.”

In my latest for the Associated Press, how ‘solo agers’ can protect themselves and live a happy life on their own.

Filed Under: Liz's Blog Tagged With: aging, assisted living, baby boomers, solo agers

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