Care is Expensive!
10 Ways to Pay for Care: Real Estate
Living the Next Chapter: How Real Estate Can Help You Age Well and Pay for Care
By Bryan Devore, with Berkshire Hathaway HomeServices
When it comes to planning for the next chapter of life, one of the biggest questions many older adults face is where and how they want to live — and how to pay for it.
As a Seniors Real Estate Specialist (SRES®) with Berkshire Hathaway HomeServices California Properties, I work with families every day who are exploring their options. Whether you’re looking to age in place, downsize to a smaller home, or move into a senior living community, your home is often your most valuable financial asset and a key part of your care plan.
What Seniors Really Want
A national survey by the American Advisors Group found that 92% of seniors want to live their later years in their current home. That number didn’t surprise me. But here’s the challenge — less than half of them are actually able to do so, often because of financial constraints, home design limitations, or lack of awareness about available services and resources.
Your home is not only your comfort zone — it’s also likely your greatest financial asset. In fact, 73% of seniors said they consider their home their most valuable possession. The key is knowing how to use that asset wisely as part of your care and retirement strategy.
The Conversation Gap
One of the most interesting findings from a recent Gallup and Robinson study is that while 68% of older adults have shared their wishes with family members, many haven’t gone beyond general conversations. These discussions — where you want to live, how you want to receive care, and how you’ll fund it — are critical. The earlier you start, the more choices you have.
Is Your Home Still Right for You?
Many seniors say they never want to move, but a fascinating UCLA study showed that most people actually use only a small portion of their home — often just the kitchen and family room. Yet, they’re paying for, maintaining, and insuring the entire property.
Before deciding to stay, ask:
- Does your home still fit your physical needs?
- Can it be safely modified for aging in place?
- Is maintaining it becoming too costly or stressful?
If your home was built before 1980, it likely wasn’t designed with accessibility in mind — doorways may be too narrow, bathrooms not equipped for safety, and stairs can become obstacles over time.
Three Paths for Living the Next Chapter
- Stay in Your Current Home
For many, staying put feels like the most comfortable option. But it’s important to plan for ongoing costs:
- Mortgage or property taxes
- HOA dues and utilities
- Home maintenance and repairs
- Transportation and food
- Modifications for safety and mobility
And most importantly — the eventual cost of care. Home care services can add up quickly, so it’s essential to plan how you’ll cover those costs. (Many of the financial tools discussed in this series — such as reverse mortgages or life settlements — can help.)
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- Sell or Rent and Move to a New Home
Downsizing to a single-story home or a smaller property can reduce expenses and maintenance while staying independent.
Considerations include:
- Financing your next home and ongoing care
- Home modifications for accessibility
- Proximity to family, friends, and community
- Opportunities for social connection
Even with a smaller home, you may still need to plan for in-home care as needs evolve.
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- Sell and Move to a Senior Living Community
This is an increasingly popular option among my clients — and for good reason. Senior living communities offer:
- Simplified living with meals, housekeeping, and maintenance included
- Built-in care options as needs change
- Socialization and activities that keep residents engaged and connected
Communities come in several forms:
- Independent living only (for active seniors)
- Independent + assisted living (care available when needed)
- Full continuum communities that include memory care
You’ll also find different financial models — rental communities with monthly fees, or buy-in communities with a larger upfront cost that locks in long-term care at predictable rates.
Other Real Estate Options for Funding Care
If you’re not ready to sell your primary home, there may be other ways to tap into real estate to help pay for care:
- Rental properties: Sell or use equity to fund home care or assisted living.
- Vacation homes: Convert to rental income or sell to unlock cash flow.
- Land or commercial property: Often-overlooked assets that can be leveraged for care funding.
Whether you stay, downsize, or move into a community, your home is a powerful financial resource that can support your care goals and independence. The key is to make informed decisions — ideally with your family, financial advisor, and a real estate professional who understands the unique needs of older adults.
Planning ahead doesn’t just help you live where you want — it helps you live how you want, with dignity, comfort, and peace of mind.
If you want to continue this conversation or need guidance, I’m here.
Bryan Devore
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Our country is entering a new chapter, one we have never seen before… over 100 million people are 50 years of age or older, and the need for care is going to be more and more prevalent. We are dreaming of a nation where aging and care are understood and become part of our normal conversations with family.
To make this a reality, we need your help!