Helping Your Elderly Parents Downsize: A Financial Guide
There’s no question that moving elderly parents is a lot of work. Not only must you convince your aging parents that moving is the right call, but you also have to sort through a lifetime of stuff to decide what’s worth keeping. It’s a physically and emotionally taxing process, but there’s one challenge of senior downsizing that’s often overlooked: It’s expensive.
From the costs of selling a home to the high price of senior living, moving elderly parents comes with a lot of financial questions. If you’re in charge of a parent’s move and unsure where to start, use these resources to budget for the big transition.
What Is Their Home Worth?
Hidden Costs of Selling a Home
Home Loan Options for Retirees
Paying for Long-Term Care
How to Budget for a Move
Before you dive into the downsizing process, get yourself organized. Navigating financial matters is easier when you’re prepared, so gather the documents you’ll need to sell your parents’ home, get quotes from contractors and moving companies, and talk to a financial planner to decide the best way to pay for senior living. With the right resources and the right pros behind you, you can tackle your parent’s downsize with confidence.
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