Renting Your Home
If one parent is currently living, or if both parents need assistance with daily living, the family home can be an important resource. Selling is an option, of course, but for many family's, your house is cherished and family members aren't ready to make this decision. In this case, you could consider renting out the house and using the rental income to pay for assisted living. The idea of being a landlord might seem scary, but for a fee, you can hire a service to manage the property for you and still generate enough income to ease the burden of assisted living costs.
Disclaimer: The Parkinson Association of Alabama provides education and awareness so that you may discern your own planning. Our information is never intended to be guidance or replace that of a financial advisor or expert. We simply want to provide enough information as a conversation starter as you work with your respected financial advisors for mapping out your financial budgeting plans for community living. The PAA cannot be held liable for any financial decisions you make regarding your own planning.
The Davis Phinney Foundation. Chapter 15 - Long-term Care and Financial Planning. Every Victory Counts. Page 249. "Manual." Sixth Edition, 2021.