Moving a loved one living with dementia into memory care can raise an immediate question: how can your family pay for support without selling the home? Many families want to preserve the property, keep future options open, or allow a spouse or relative to remain there.
The good news is that paying for memory care without selling the home may be possible. With the right mix of income, benefits, home equity, and professional guidance, families can compare memory care financing options and build a plan that fits their needs.
Memory care pricing varies by location, apartment home, services, and support needs. As a general reference, the average monthly rate for a memory care apartment home is about $7,645, though actual costs can be higher or lower depending on the community and the level of support provided.
Common expenses may include:
At Stoneridge at Centerra Senior Living in Loveland, CO, Generations Memory Care® provides person-centered support for residents living with Alzheimer’s disease or other forms of dementia. After the first visit or conversation, families often find it helpful to compare costs alongside available resources.
Before deciding whether to sell the home, gather all financial details in one place. This helps identify alternative ways to fund dementia care and shows how long current resources may last.
Review:
This step can also make conversations with financial advisors, elder law attorneys, and community representatives more productive.
A reverse mortgage for senior care may allow homeowners age 62 or older to convert part of their home equity into cash while keeping ownership of the property. The loan is typically repaid when the home is sold or the borrower no longer lives there.
This option may help families cover memory care expenses while preserving the home, especially if a spouse or eligible family member continues living there. Because reverse mortgages have long-term financial implications, families should review the terms with a qualified professional.
A home equity line of credit may also support families focused on keeping the house while in memory care. It provides flexible access to funds based on the home’s value, and interest is generally charged only on the amount borrowed.
This can be useful when families need time to decide whether to rent the home, sell later, or use other funding sources.
Renting out the family community provides a monthly income that can directly offset memory care expenses. Property management companies can handle day-to-day responsibilities. This makes it practical for families who aren't ready to sell but want to generate income from the asset. This strategy allows the community to appreciate in value while producing revenue.
Bridge loans offer short-term financing that covers memory care costs while families arrange longer-term solutions. These loans provide breathing room to explore all options thoroughly rather than making rushed decisions about selling the community. Sometimes having a few extra months to plan makes all the difference.
Veterans benefits and memory care coverage may help eligible veterans or surviving spouses. The Aid and Attendance benefit can provide additional monthly support for those who meet service, financial, and health-related requirements.
Long-term care insurance may also help pay for memory care, depending on the policy. Families should review benefit amounts, elimination periods, covered settings, and documentation requirements early so there are fewer delays later.
Renting the family home can create a monthly income while preserving the property. For families not ready to sell, this may be one of the most practical alternative ways to fund dementia care.
A property manager can often handle tenant screening, rent collection, maintenance calls, and other day-to-day responsibilities. Rental income may not cover the full cost of memory care, but it can reduce the amount needed from savings or other sources.
Most families use more than one funding source. A combined plan may include:
A financial advisor who understands senior living expenses can help families compare options and plan for both current and future needs.
As you review communities and funding choices, ask clear questions about costs, services, and timing. Helpful questions include:
Yes. Some families can pay for memory care without selling the home by combining income, insurance, veterans' benefits, home equity, rental income, or family contributions.
A reverse mortgage for senior care may help some families access home equity while keeping ownership of the property. It is not right for everyone, so families should review the terms with a qualified financial or legal professional.
Veterans benefits and memory care coverage may help eligible veterans or surviving spouses. The Aid and Attendance benefit is one option families often explore, but eligibility requirements must be reviewed carefully.
Start by gathering financial documents, reviewing insurance policies, and requesting current pricing. Then speak with a financial advisor or elder law attorney to compare memory care financing options.
Schedule a tour of Stoneridge at Centerra to explore Generations Memory Care®, Assisted Living, apartment homes, amenities, and financial planning conversations in Loveland, CO.