What if our house won't cover what senior living costs?
Answered by Chris Deutsch, Founder & Editor
Licensed Minnesota Realtor #20382264 ·
The short answer
Start by replacing the guess with a number. Most of the people I sit with have never priced their own house properly — they're working from a neighbor's sale two years ago or an online estimate. Sometimes the gap they're dreading isn't there. Sometimes it's smaller than feared, and that changes which communities are realistic rather than whether any are.
On stage The 60-second answer
Captions on · Transcript below
The stage is set.
Chris's video answer is on its way. Until then, the short answer above says the same thing.
The transcript posts with the video.
The longer answer
If a true gap exists, there are more doors than people think. Long-term-care insurance someone bought decades ago and forgot. Benefits for wartime-era veterans and their surviving spouses. Programs Minnesota runs for those who qualify. An elder-law attorney or financial adviser earns their fee here — that's their lane, and this isn't financial or tax advice.
The house number is mine, and it's the foundation under every other decision. Call me, and we'll get it right before anyone panics.
The next department over
What people in this spot usually ask next.
- Senior transitionsWhat does senior living actually cost in the Twin Cities — and will the house cover it?Read the answer
- Senior transitionsThe community wants a deposit before our house has even sold. How do people manage that?Read the answer
- Senior transitionsWill my parents owe capital gains tax after 40 years in the same house?Read the answer
- Senior transitionsMom's deed has a life estate on it. Can she still sell the house?Read the answer
- Divorce & separationWhat if my spouse refuses to sell or won't cooperate with the sale?Read the answer
- Divorce & separationWhat if the house is worth less than we owe?Read the answer
From the editor's desk
“As Founder and Editor, I review, correct, and stand behind every answer.”
Is your situation more specific than the market? That's the one worth talking through.