Independent living communities, also referred to as retirement communities, are designed for seniors who are healthy enough to live independently, maintain their own homes and take care of most of their daily needs. They provide wonderful outlets for social interaction that a stand-alone home or normal apartment complex lacks.
In some communities, members lease their apartment or home, while in others a buy in may be required. If the seniors require in home care, such as assistance with daily living activities, the resident is responsible for paying for that care. A retirement community is typically a bridge between owning an independent home and moving to an assisted living community.
It may be possible to receive financial assistance to cover the cost of an independent living community. The U.S. Department of Housing and Urban Development may offer seniors low-income housing options, with rent based on a percentage of the income the senior earns. Unfortunately, the HUD program has been overwhelmed due to the economy, and may have a long wait list in your area.
Before getting your heart set on a retirement community, sit down with a financial planner or elder law attorney to see what your options realistically are.
