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Senior Living • December 4, 2021

Long-term Care: The Retirement Wildcard

by Tracy Heller

The end of the year is always a good time to take stock of your finances and make sure your savings and investments align with your long- and short-term goals. Even when you’ve been a diligent saver and invested wisely, the wildcard for nearly everyone is how to finance long-term care.

It’s impossible to know whether you’ll need minimal care and be able to age at home or if you’ll need hands-on care in a nursing home. Given the conditions in many nursing homes during the COVID-19 pandemic, many people have lost their appetite for long-term care in institutional settings. If you’re over age 50, it’s worth considering what you may need for living expenses, exploring the funding options, and factoring them into your 2022 financial plan and beyond. After all, it’s always a nagging worry that no matter how well you save, long-term care could wipe out your resources. And quickly.

The Center for Retirement Research at Boston College has been looking at aging care in a three-part series of briefs on the topic. In the first two, CRR explored (https://bit.ly/31y3zqL) how likely it would be that retirees would need support and the intensity and duration of that support and the second (https://bit.ly/3GOVnCD) looked at what’s available in terms of caregivers and financial resources. The briefs may bring both comfort and alarm.

 

This information is from the December 2021 Senior Real Estate Specialists (SRES) Newsletter:

December 2021_SRES Newsletter_12-1-2021_US

Photo by Kampus Production from Pexels

I have not verified any of the information contained in those documents that were prepared by other people.
Senior Living • December 2, 2021

Help Your Retiring Parents Buy a Home

by Tracy Heller

While there has been much hubbub about the Millennials’ potential to change the housing market, it is retiring baby boomers who are in control right now. If your parents are among the people looking for a new home to enjoy retirement in, you can help them.

Freddie Mac recently found that baby boomers are the dominant demographic in the housing market. While Millennials were expected to be behind the majority of real estate sales this year, it seems baby boomers are giving them a run for their money. The company surveyed 4,900 homeowners born before 1961. These individuals control two-thirds of the home equity in the U.S., and 40 percent of them hope to move at least once more. If your parents are among these market-shaping seniors, then they may to be looking for a new residence. With interest rates as low as they are, the time is right for homebuyers with good credit.

However, the cost of health care and the limits of Social Security and retirement savings may make it more difficult to afford a home. Lending standards are strict, and medical debts and small retirement incomes are difficult to work around. One of the best things people can do for their parents in this financially difficult environment is to offer help with the homebuying process. Realtor.com explained a few of the ways you can help your parents buy a new home:

Purchase it yourself and charge rent
One option is to buy the home yourself and charge your parents rent. This way they don’t have to deal with strict lending standards nor do they have to raid their savings for a sizable down payment. In addition, this is an opportunity for you to invest in a property and gain equity without worrying about your tenant. It is important, though, to set rent prices at levels comparable to nearby properties. Otherwise, the Internal Revenue Service could start poking around.

Buy the home and don’t charge rent
If you’re feeling especially generous and are in need of a second home, you could buy the home for your parents and forgo charging rent. There are tax advantages to buying a home for your mom and dad. If you opt for this arrangement, the government will allow you to deduct the mortgage interest and property taxes on your home. In this case, it would be best to keep the title of the home in your name to avoid a gift tax.

Co-sign the mortgage
The first two options require buying a home, but the third necessitates co-signing a loan instead. Your own credit might be enough to offset the impact of smaller retirement income or other financial problems retirees face. Parents often prefer this option, since it offers them some financial independence relative to the other two choices. In addition, you won’t have to shell out much of your own cash in this arrangement.

Medical expenses and retirement income and savings limitations have created difficult circumstances for some baby boomers who hope to buy a home. Luckily, their children can step in and help by purchasing the properties themselves or co-signing mortgages. This way, baby boomers can move into homes that suit their retirement lifestyles.

Brought to you by HMS Home Warranty.  HMS is an industry leader with over 30 years of creating success for clients and providing peace of mind for customers.  To learn more click www.hmsnational.com.

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Senior Living • November 25, 2021

Tips to help you downsize

by Tracy Heller

You make the call and I am here to sell your home so that you can move to a smaller house close to family. I’ve got the knowledge, tools, and resources necessary to help make your move a smooth one.

When I get to your house to help you with staging, there is an overwhelming amount of items cluttering your home. Just like that, what you thought would be a smooth process has now become a lot more difficult. You start thinking, “Where is all this stuff going to go? This will never fit in a smaller home or condo.”

This scenario is very familiar. This is my job to help my clients with downsizing. I chose this article because it gives useful tips on getting ready to downsize.

I also include some helpful local Cincinnati links at the bottom of the post that are great resources to help you, consign, donate and/or eliminate the “stuff.”

Now your house is cleared out and ready for the market, you are in the best position to sell your home.

Tips to help downsize

Don’t give up yet! Helping downsize and get rid of some bigger items can be a lot easier than you think. Here are some tips to help simplify the process.

Stay on task and on schedule

When you begin to think about downsizing, it’s important to stay on task and adhere to a specific time-line or check list. It’s easy to procrastinate and wait until the last minute to worry about where all that stuff is going to go once moving day comes. However, the longer you put it off, the more stressful things can get.

Plan for the new space

To begin, plan ahead by figuring out how much space will be available in your new home. It is helpful if you have a floorplan available that you can take a look at. An idea of how much space you will have can help narrow down which items will make the move with them.

Use a tagging system to categorize items

From there, work to separate and tag the items that will stay behind into different categories. What items can be donated? What items will be sold? What items can go to children or other family members? Creating a tagged system like this can streamline the downsizing process and will help keep you organized.

While figuring out which items will go where, try to be objective. Many people attach memories to their belongings, making it hard for them to say goodbye. What may look like a piece of junk to some, may have sentimental value to you. Keep what is important and eliminate what you no longer need or use. Sentimental items can be stored in a special container or space if they are too difficult to eliminate.

Help get belongings where they need to go

Once you have finished deciding on where everything will go, it’s time to get everything to its respective place or new owner. You may have family members or friends nearby that will be willing to assist with getting these items where they need to go, but in the case that they do not, you can hire a downsizing professionals or a moving company to take on the burden of transporting everything.

As space clears up in your home, and moving day approaches, you’ll be thankful that you had an SRES® agent like myself to help them navigate through the downsizing process.  I am here every step of the way.

Helpful links in Cincinnati Ohio for downsizing

https://nlfurniture.org/

https://www.ebth.com/

This article originally appeared on the National Association of REALTORS® website. As a REALTOR® with the Seniors Real Estate Specialist® Designation, I find their blog full of helpful information and you can see more here.  

A short bio and link to About Me page.

I have not verified any of the information contained in those documents that were prepared by other people.
Senior Living • November 25, 2021

Preparing your home for Aging in Place

by Tracy Heller

As a Seniors Real Estate Specialist, I am frequently called to meet with my friends, clients and their families about the various housing options for seniors. Aging in place is an option many people choose.

While there’s plenty of snowbirds that choose a warmer climate to move to, there’s also a growing number of seniors that are choosing to stay in their own homes or to purchase a smaller more accessible home in the same area or closer to family.  I feel that this article is helpful because it addresses the option of aging in place. After reading the article, I believe you will be closer to determining if this option is right for your family.  I am always available to meet with you and your family to explore the many options available to our seniors.

How to prepare your home for aging in place

Though aging in place doesn’t necessarily constitute a big move, like migrating south might, there are still plenty of considerations to remember to make sure the home is manageable and comfortable to live in as you get older.

Layout considerations

Whether you are staying in your own home or moving to a slightly smaller home in the same area, it’s important to make sure your home has the right layout in order to make mobility and accessibility easy. A one-story floor plan, or a floor plan where your bedroom and necessary facilities are on the first floor works the best for aging in place, as it’s possible you may need a walker or wheelchair at some point.

Accessibility adjustments

Consider making other adjustments, including handrails in bathrooms for additional stability assistance, and widening doorways to accommodate a wheelchair, should you need it in the future. Swapping doorknobs for lever handles could also help, in case you run into any arthritis or joint issues in your hands and wrists.

Think about your location

Aside from making sure the home is easy to move around in, and accessible in case you have any health issues, you’ll also want to consider the location. It’s important to make sure that the area you’re planning to age-in-place in is close to medical facilities, senior support facilities, and has a good public transportation system, just in case you’re not able to drive in your later years. Proximity to friends, family members, and activities that you enjoy could also be something to consider if maintaining relationships and social circles is important to you.

Keep your yard manageable

Other things you may want to think about as you decide if your home is right to age in place in could include the size and manageability of your yard, the age and condition of your home, and the safety of your neighborhood. Lots that are large and a little worn down could prove to be more troublesome as you age and aren’t able to perform some of the tasks needed for upkeep. If you are planning to move to a new home to age-in-place, you may want to consider somewhere with a small yard, or a community where lawn and house care are available or provided.

Though for many people aging in place may be the ideal plan for retirement, it may not always be feasible. Checking through the above considerations can help you plan and adjust to make sure your home will suit your needs as you get older.

This article originally appeared on the National Association of REALTORS® website. As a REALTOR® with the Seniors Real Estate Specialist® Designation, I find their blog full of helpful information and you can see more here.  

A short bio and link to About Me page.

 

Senior Living • November 23, 2021

How to Choose an Assisted Living Facility

by Tracy Heller
assisted living
I have been called more and more often by friends and clients about selling their parents homes. We all seem to be experiencing the same challenges that come with aging family members. I discuss with my clients the many options that are available, one being assisted living facilities as they transition out of their homes. I have found this article to be very helpful in preparing my clients for the interview process of exploring which assisted living facility may meet their needs. Please fee free to reach out to me anytime and I can use my experience as a Seniors Real Estate Specialist to help you.

 

When interviewing potential assisted living facilities, it’s a good idea to have a standard list of questions to ask each one so you can make relevant comparisons. This may include:

  1. What levels of care does this facility offer? What abilities and degrees of self-sufficiency are required of residents? What happens when these abilities change?
  1. Do you conduct an initial patient health assessment before admission? How often are assessments repeated? Are they written and available for the family’s review?
  1. What is your staff-to-resident ratio during the day? At night?
  1. Is a nurse on-site around-the-clock? Does a physician regularly visit the facility? How are medical emergencies handled?
  1. Who administers medications? How is this information recorded? Can family members review these records at any time?
  1. What experience and training does your staff possess? Is ongoing training required?
  1. What type of apartments or living units are available? Is there a waiting list? What is the estimated time before you can accept a new resident?
  1. What is the monthly cost for the assisted living facility? Do you have a written list of what’s included and which services cost extra? Could additional fees be assessed?
  1. What are your billing and payment policies? What is your discharge policy?
  1. How often is the facility assessed? By what organizations? Are the findings made available to families as a matter of course?

Other Considerations

  • Is the assisted living facility attractive, in excellent repair, and clean—inside and out?
  • Is the staff friendly? Were you welcomed when you arrived? Do the staff and the executive director address residents by name? Are interactions between the staff and management professional? Are employees warm toward the residents? Do they greet you as you tour?
  • May you visit residents any time you like?
  • Is the food attractive? Does it taste good? Are families permitted to review the menus?
  • Are the residents happy? Do they appear to have excellent care from staff? Do they interact and seem to enjoy each other’s company?
  • Are you comfortable here? Do the staff and residents seem comfortable? Does it seem like a good “fit”?

Visit each facility at different times—during activities and mealtimes, for example—and seek feedback from residents and their families.

 

This article originally appeared on the National Association of REALTORS® website. As a REALTOR® with the Seniors Real Estate Specialist® Designation, I find their blog full of helpful information and you can see more here.  

 

A short bio and link to About Me page.

Introduction • November 23, 2021

Introduction to my BLOG

by Tracy Heller

Hello! My blog focuses on providing resource information for individuals and families who are preparing for or who are currently experiencing the stress of family transitions. Read on and you will see you are not alone!

So… your children are transitioning into an independent life and/or you are realizing your parents are transitioning into a more dependent life.  Each comes with a specific set of challenges and some of us are right in the middle of both!

Life is an interesting circle of changes and transitions. Perhaps you are entering the time when your children begin moving out of your homes to purchase their first house. Likewise, as our parents get older and needing to evaluate where they are, the time arrives to explore the many options available to them and you. We are in a unique position of being privy to both, and finding the balance between them.

It can be very overwhelming and difficult.

Our personal struggles begin to blend with our responsibility to those around us. More and more, we find ourselves discussing with our friends our new aches and pains, our struggles with less energy, and the ever popular forgetting everything. The extra contribution of supporting our children and parents in their adjustments to life’s circumstances can seem daunting. But is there a way for us to be prepared?

We need to get a handle on this! All of this responsibility is challenging and we need answers – quick.

You probably find yourself asking friends, family, google, where do I find help?

How do I help my children leave their family home and become independent?

How do my adult children get qualified for a mortgage without a work history?

Who can I trust to work in my child’s best interest and take the time to help them understand how the process of buying a home works?

Who will take the time to educate and prepare them for the responsibilities that come with home ownership?

How do we help them with down payments, monetary gifts etc. to help them qualify to buy a house?

What do we do with all their stuff?

Do we get rid of all the lovely and sweet gifts we have treasured all these years; all the pottery, artwork, cuteness, that at the time was our world and is now clutter?

Are their ways to preserve all that stuff without throwing it out?

How can my parents afford the astronomical prices of assisted living, private pay nursing, medical bills, medical equipment, and all the things we need as we age?

This can quickly become overwhelming! But what can we do about it?

The resources are out there.

But how do you pay for them? What if you don’t have time to be on the phone for hours, to drive elderly parents to doctor’s appointments, to visit every house your child wants to look at while still working full time? Is there a simpler way?

I created this blog because many of my friends are going through similar experiences with their newly adult children and their aging parents. Navigating the system can be overwhelming and very frustrating and I want to help.

This is the purpose of Family Resource Page with Tracy Heller

My goal is to use my background as a social worker, individual, couples,  and family therapist, researcher, and my knowledge as a Seniors Real Estate Specialist to create a place where you can go to find answers, learn something new, explore resources, ask questions, and find shared experiences with many others in the same position as you.

For more information on my background and experience, click the link below.

https://hellersells.com/2021/11/23/my-background

Photo by Kampus Production from Pexels

 

 

 

 

 

Introduction • November 23, 2021

Experience

by Tracy Heller
A helping hand...

My Background–

As many of you know, I graduated from Xavier University with a Bachelors of Science in Social work and Ohio State University with a Masters Degree in Psychiatric Social Work.

My resume includes work at Bethesda Oak Hospital, Millcreek Psychiatric Center for Children, and Children’s Hospital at (CCDD) Cincinnati Center for Developmental Disorders. I established a private practice at Bethesda Counseling Services, Bridgepoint Psychological Services and finally at Westwood Psychological Services working with individuals, couples, and families as a psychotherapist.

Following my work in counseling and social work, I pursued my real estate license and have been a licensed Realtor since 2007 and earned the Seniors Real Estate Specialist Designation from the National Association of Realtors in 2017.

I have developed my Blog to provide useful information and resources for those going through life transitions from First Time Homebuyers to Seniors.

My goal is to use my background as a social worker, individual, couples,  and family therapist, researcher, and my knowledge as a Seniors Real Estate Specialist to create a place where you can go to find answers, learn something new, explore resources, ask questions, and find shared experiences with many others in the same position as you.

 

 

 

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