Sell Home to Pay for Care
If 2020 has taught us anything, it’s that health should never be taken for granted. The government has clearly shown this, quickly shutting down the economy to protect the public from the health crisis. It was (and continues to be) a hard decision to make, but is one that simply cannot be ignored. As the decision maker for your household, you too may face the same conundrum if you or a loved one is in need of essential yet often costly care. In your case, the only option for securing the necessary funds may be to sell your home. We can’t make that decision for you, but we are here to let you know you have the option. Let’s review.
3 Reasons Why You May Consider Selling Your House to Free Up Funds for Better Health Care
The House May Be Contributing to Health Concerns
It’s a fact that the old house you live in may be detrimental to your physical health. This is especially true if you or a family member is suffering from a respiratory condition. Asbestos, carbon monoxide, lead, and mold within and around the walls of older properties in the greater Winnipeg area all pose a threat and can both create and escalate a health issue. Click here to assess your threat level and take immediate steps to get out. Not only will you free up money to pay for care, you remove a key precursor to symptoms and/or the ailment itself.
You (or a Family Member) Need to Move to a Care Facility
If more affordable at-home care will suffice, then you may not need to see the house. In fact, holding on to the property and accessing finances through equity may be the only way to make care make sense financially. However, if longterm or permanent care in a facility (i.e. a care home, etc.) is required then you’re looking at a much higher ongoing cost. Since you or a primary occupant will not be staying in the old house, it is more logical to sell. Remaining occupants can buy or rent a smaller and more affordable property that is nearby the longterm care facility.
There Are No Other Preferred Options
We mentioned leveraging home equity (above) to pay for care while allowing occupants to remain in the home. This may not be a preferred option, especially if you don’t like the prospect of once again entering into debt for a house that was paid-off years ago. That said, we encourage you to look into as many options as possible, including:
- Deferred payment agreements
- Bridging loans
- Deferred care fee payment plans
- Temporarily renting out your home or a suite within
There are options. However, if you live in an older or rundown home lenders, creditors, prospective renters and other perceived solution providers may not have any interest. In addition, you simply may not like any of these above options for whatever reason. In this case, you may have exhausted most options – but at least you have one that delivers the money you need to pay for care, today.
If your house is in the greater Winnipeg area, 5 Day Cash Offer will buy your home for fair market value, in any condition, and for cash within the week of our first conversation. If you decide that you need to sell your home to pay for care, we’re here for you. All you need to do is call 204.222.0022 for a friendly noncommittal conversation.