Independent Living in Market-Rate Housing

This is age-restricted apartment living that may (or may not) offer seniors-oriented services. Rent is not subsidized; residents must be 55 or 62 years of age, depending on whether the property allow families (age 55) or is age-restricted (age 62). Prospects for this type of housing must be able to live independently, require little or no help with household activities, and be able to pay the rent that the owner has established for the living unit, which is leased for a particular term, typically one year (although shorter periods may be available as well). The rental rate, which is specified in the lease, remains constant throughout the lease term, unless the lease provides for periodic escalations. Because these apartment projects are rented either primarily or exclusively by seniors, some services--housekeeping, transportation, meals--may be available, usually at an increased cost. This type of housing is an especially good choice for younger seniors who wish to downsize their living spaces and avoid the expense and bother of maintenance and upkeep.

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Independent Living in Market-Rate, Subsidized Housing

This type of housing is the same as that described above, except that rent is reduced because of a government subsidy. Federal, state, and local programs provide funds to persons with lower incomes, frequently subsidizing monthly rents by as much as 70 percent.

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Congregate Care

This term is often used as a synonym for assisted living, a type of senior housing that provides private living accommodations and offers certain additional services tailored specifically to specific needs--centralized dining, social and recreational activities, regular transportation and personal care services. Some congregate care facilities provide specialized rehabilitative services. True assisted living facilities may offer very limited services--individualized or congregate dining, for example--while others provide more personalized and intensive assistance--personal care, housekeeping, and the like.

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Senior Living Campuses

Increasingly popular are these campus-type facilities that provide a continuum of care, from independent living through assisted living and long-term skilled nursing care. This type of campus allows for fairly simple progressive moves to housing with additional services as needs dictate; costs increase with the intensity of care and services that are required.

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Continuing Care Retirement Communities

Continuing care retirement communities, sometimes referred to as life care communities, provide increasing levels of services as residents age and require them. They comprise a variety of residence types, including independent living, assisted living, and nursing home care in a concentrated geographical area. Most often, substantial endowment fees are required for this product type, together with monthly maintenance fees, with the expectation that services will be provided "for life." Residents typically move into such a facility while relatively young, able-bodied and independent; as needs dictate and increasing service levels are required, subsequent moves are made into appropriate units on the same campus.

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In-Home Care

This is residential living with certain services contracted by, or on behalf of, the single-family homeowner. The services may range from cleaning and home maintenance to personal care, including dressing, grooming, meals preparation, bathing, and the like. This type of care may involve nursing or therapeutic care, often to provide help with medications or treatment. In-home health care provides services for short or extended periods of time, and are intended to promote, maintain or restore the health of older adults in their home. Costs are charged according to the provider's level of skill and the amount of time required to supply the service.

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Adult Day Care

Adult day care is intended to benefit adults who need a variety of health, social and related support services during the weekday but who have the required levels of support at night and on weekends. This type of care is most often available in a center where able bodied seniors are supervised during the day because other family members are unavailable. Adult day care facilities offer meals and activities. Some may also specialize in memory care.

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Adult Foster Care

Adult foster care, as the term suggests, is provided by an individual or family who will take a senior into their home for extended care. The need arises particularly for a variety of healthcare needs.

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Respite Care

Respite care provides a caregiver a break from daily routine and stress. It can be provided in the client's home or in a variety of out-of-home settings, usually ranging from a week to a month in length. Respite care is an essential part of the overall support that families may need to keep a loved one with a disability or chronic illness at home.

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Skilled Nursing Home

Skilled nursing home care, also known as a “skilled nursing facility” or “rest home,” is a type of care for people who require constant nursing care and have significant limitations in daily living. Residents can stay in a skilled nursing facility to receive physical, occupational and other rehabilitative therapies following an accident or illness. These facilities provide 24-hour medical care, including short-term rehabilitation (physical therapy) as well as long-term care for people with chronic ailments or disabilities who require daily nursing care, in addition to help with personal care such as bathing or dressing or getting around.

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Condominium or Townhome Ownership

This type of ownership is similar to single-family homeownership. The owner holds title to the living unit and has joint ownership with other owners in the common areas (e.g., the parking garage and lots, halls, fitness facility, community rooms) as well as the land upon which the building sits. Townhomes are similar to condominiums in ownership structure except that the owner also holds title to the land. The term "townhome" usually refers to a multi-story structure with at least one common wall. However, the term is loosely used in real estate and can refer to a single-level dwelling. For both of these housing types mortgages may be secured and real estate taxes are assessed. Whenever common areas require maintenance, there is a monthly assessment or dues collected by the governing association to cover the costs. This association will generally be governed by written documents administered by an elected board of directors.

• Ask about pet restrictions, subletting policies, noise restrictions, restrictions on improvements, and insure that you receive a copy of the documents for your review. Depending on the quality and type of the common areas, assessments may be substantial and should be considered in any purchase decision. Assessments may add dramatically to the monthly cost of housing. Depending on the age of the building you should ask for an assessment history, what plans may exist for major projects (e.g., roof or driveway work) and how much money the association has in its reserve fund.

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Cooperative Ownership

Although this may resemble single-family, condominium or townhome ownership, cooperatives represent a very different type of ownership. Co-op residents purchase shares in the corporation that owns and operates the property. Most often, the resident is required to sign an occupancy agreement and pay a one-time membership fee in order to move in. This agreement also commits residents to pay their portion of the mortgage and maintenance costs.

• Ask what the share price is. Ask the amount of the underlying mortgage and how much the monthly carrying charges will be. It is important to have a clear understanding of what happens if and when the unit is sold. Some cooperatives permit a “limited equity” that produces only minimal profit at the time of sale. Because the unit is not owned outright, shareholders are only selling their membership and equity at the time of sale. Ask for a list of sale restrictions and insure that you receive a set of documents for your review. Most people have previously lived in single-family homes and apply that experience to any residential purchase. It is critical that you read the fine print and understand your ownership position before buying a share in a co-op. Although cooperatives have become a more common form of ownership, their financing is only done by a select group of lenders. Ask where you can obtain financing before purchasing shares in a cooperative.

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Hospice Care

Hospice care is provided to the terminally ill. Comforting measures and counseling provides social, spiritual and physical support to patients and their families during this particularly difficult time. Hospice care requires a decision by the patient or other authorized decision-maker in order to discontinue so-called "curative" medical treatments and replace them with "palliative," comfort-providing care. Hospice care may be provided in a person’s own home, or in an assisted living or nursing home environment.