More Seniors Are Being Squeezed Out of Their Communities

December 03rd, 2008 | Category: Reverse Mortgage

Gentrification is forcing some senior citizens out of their long-time neighborhoods considering it’s too expensive to stay there. Even with house values falling, many older citizens say they can’t avoid the price of homes in assured communities.

In some cases, they move in with family or end up moving to low-income housing for senior citizens. Others may have to relocate to a completely different town.

The American organization of Homes and Services for the Aging (AAHSA) told AARP that since 1993 there has been a 30% jump in nonprofits developing low-income housing for seniors. In some cases the low-income housing developments allow seniors to stay in communities where gentrification has occurred.

Gentrification often means that home values and property taxes rise, and rents additionally start to increase. Even in that depressed housing market many seniors are unable to afford homes at

current values. plus, more expensive restaurants, cafes, and shops may replace establishments that were more affordable to folks on a fixed income.

If you’re having trouble staying in your home considering of a similar situation, you may want to consider a few things:

• whether you have a lot of equity in your home, look into whether or not a reverse mortgage will help you stay there.
• Contact your local government to find out whether you qualify for any property tax relief for senior citizens.
• whether you live alone, investigate the possibility of taking in a roommate to help with expenses.

Always be on the lookout for special services and discounts offered to senior citizens to help cut your bills. whether you aren’t currently working, consider finding a part-time job to earn more income.

Orginal post by Francine Huff

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