Finding quality memory care for a loved one living with dementia brings many questions, especially around cost. One of the most common concerns is how to pay for memory care without selling a house.
For many families, a home represents more than financial value. It may provide security for a spouse or remain part of a long-term financial plan. In many cases, there are several ways to cover memory care expenses while keeping the property. Reviewing these five options gives families more time to plan ahead and make decisions with greater financial confidence.
Planning for memory care often comes with financial planning considerations, especially when trying to protect long-term assets like a home. While it may seem like selling is the only path forward, many families are able to explore other solutions that meet care needs and financial stability.
Long-term care insurance can be one of the common ways to pay for memory care without selling property. Many policies may help cover services associated with memory care, helping reduce out-of-pocket costs.
If a policy is in place, reviewing the details early can help avoid delays and ensure benefits are used effectively. Key details to confirm include:
Starting early allows families to coordinate coverage with current care needs while maintaining home ownership.
A reverse mortgage allows homeowners age 62 or older to convert home equity into accessible funds without selling the property. Repayment is typically deferred until the home is sold or no longer occupied.
This option can provide flexibility when financing memory care while keeping the house. Common ways to receive funds include:
A reverse mortgage can help bridge the gap between available income and ongoing care expenses. Reviewing the terms and speaking with a financial professional can help determine whether this option aligns with long-term plans for the home and overall financial goals.
Veterans and their spouses may qualify for Aid and Attendance benefits, which can help offset memory care costs without selling a home. This program provides monthly financial support based on factors such as service history, health needs, and financial eligibility.
Because the application process can take time, it is helpful to begin early and gather the required documentation, including military service records, medical evaluations, and financial information. Starting ahead of need can help avoid delays in receiving benefits.
When approved, these benefits can help reduce monthly expenses and make it easier to maintain a consistent, sustainable plan for memory care while keeping the home.Heartis Village Peoria offers a Military Veterans Program that supports those who have served by helping families navigate available benefits, including Aid and Attendance. The program provides guidance with eligibility, documentation, and applying those benefits toward Memory Care costs.
A home equity line of credit, or HELOC, offers another way to access funds without selling property. This revolving credit option allows families to borrow as needed and pay interest only on the amount used. This option works well for those who want flexibility in managing Memory Care costs without selling the home. It can be especially helpful when combined with steady income sources such as retirement benefits or pensions.
Renting out a home can create a reliable income stream to help cover memory care expenses. This allows families to retain ownership while putting the property to practical use.
Rental income strategies may include:
While rental income is taxable, it can provide consistent financial support and reduce reliance on savings.
In many cases, the most effective approach involves combining several strategies. For example, long-term care insurance or veterans benefits may cover part of the cost, while rental income or a HELOC fills the gap.
Working with a financial professional can help families evaluate all available resources and build a plan that supports both care needs and long-term financial goals. This helps reduce financial strain without putting the property up for sale.
Understanding both financial options and care offerings can make planning more manageable. Heartis Village Peoria offers SHINE® Memory Care, which provides structured routines, personalized attention, and a secure setting for individuals living with memory loss.
Schedule a tour to learn more about Memory Care at Heartis Village Peoria and explore options that can help with planning for care..