Thirty years ago, four single ladies shared their home on a TV show called The Golden Girls. Today, the baby boomer generation is making the idea of sharing your house with other senior roommates a reality. This is especially true for seniors who find themselves living alone and dealing with rising living costs.
According to projections by the Joint Center for Housing Studies, the number of people over the age of 75 living alone is set to nearly double—from 6.9 million in 2015 to 13.4 million in 2035. Many seniors will have limited financial resources for housing, and women will make up nearly 75 percent of this group. Further, Rodney Harrell, director of Livable Communities for AARP’s Public Policy Institute, told The Mercury News that “one of the things we hear a lot is that people do want to age in place. In our latest survey, 8 out of 10 people over 65 want to stay in their own homes or a home environment as long as possible. Shared housing is a great option for someone that’s open to it.”
Aside from staying in your home, there are several other key benefits that come from homesharing in retirement. These include financial independence, companionship, and security.
Financial Independence
With rising costs of living and fixed low-incomes, seniors can use all of the financial help they can get. Along with bringing in income from rent, homesharing can reduce living expenses including utilities, internet, transportation, shared groceries and more.
In many homesharing arrangements, homeowners offer reduced rent in exchange for help around the house or in the yard. In this way, homesharing creates not just financial independence but physical independence and the ability to age in place.
Companionship
Whether you have extra room in your house or you are a renter looking for a space, homesharing can help guard against loneliness. Just having someone to talk to at the end of the day can make a huge difference on your mental wellbeing. That being said, individual homesharing situations range from housemates who become friends and socialize to those who prefer a landlord-tenant relationship. It depends on personal preferences, daily schedules and personalities. Even the most distant roommates share social contact or meals, at least occasionally.
Security
Everyone wants to remain independent, but some seniors shouldn’t live alone. For these people, having a housemate can provide an extra layer of security. They can help remind you about your medication schedule or help if there is an emergency. For adult children and other loved ones, knowing there is another person in the house provides invaluable peace of mind.
Homesharing, Simplified and Supported
While homesharing has potentially life-changing benefits, your home is still a very important, personal place. It’s where you feel secure enough to be yourself, unwind, and sleep at night. Sharing this space with another person can be a rewarding experience, but it’s not without complexity. Homesharing is about much more than finding a stranger to rent out a spare room—it’s about creating a living arrangement with a compatible housemate that offers financial, social, health, and many other kinds of benefits. For this reason, organizations are coming together to take the guesswork and uncertainty out of finding a housemate. Silvernest is an example of amazing homesharing solutions provider that is dedicated to helping seniors find ideal roommates. Their software matches seniors who have more home than they need or can afford with renters who are looking for comfortable, affordable housing with a compatible housemate.
Silvernest has homesharing for seniors down to a science. Based on the preferences you indicate in your profile, the Silvernest system will automatically match you with compatible housemates in your area. They encourage you to communicate with as many candidates as you like until you find the perfect match.
After helping you find your housemate, Silvernest provides the tools and support you need to make the most of your homesharing experience—including a rent calculator and automatic rent payment processing, an easy lease creator, access to legal counsel and homesharing experts, and more.
How the Silvernest Solution Works
Silvernest’s monthly homesharing membership includes everything you need to create a Home Sweet Shared Home®, from match to move-out day.
In our continued effort to help our customers get to work on retirement, Finance of America Reverse LLC (FAR) teamed with Silvernest to give our clients access to valuable homesharing resources. Visit our Silvernest partner page to learn more about homesharing and join today.
This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.
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