Senior residences offer discounts amid slump

By Janet Kidd Stewart

Your Money - Sunday Business Section 

March 1, 2009

The housing bust and the recession have been twin evils for retirees, particularly the newly retired who have seen still-stock-heavy portfolios crater and their home values plummet.

Retirees may see a silver lining, however.  Prices on certain types of senior housing are dropping along with the rest of the real estate market, and some creative new financing vehicles are helping to ease the credit crunch for retirees and their families.

Retirement communities that provide one or two meals per day, transportation and scheduled activities, along with assisted living facilities that provide a higher level of care but not as much as a nursing home, are feeling the brunt of the downturn, said Lisa Sneddon, president of Senior Living Experts Inc., a referral service in Chicago.  The service is free to tenants and paid for by the retirement communities.

We haven't noticed much of a slowdown yet in nursing home [placements] because if you need that, you need it" and there's not much room for negotiation she said.

But facilities geared to more independent senior lifestyles are offering discounts and fee freezes aimed at retirees having a difficult time selling their homes and making the transition, she said.

Read the rest of the Tribune article here.

Free Help to set up Mom, Pop

By Jane Adler
Special to the Tribune

December 17, 2006

Finding new housing for an elderly parent is never easy.

After her father died, Shelley Crosby worried about her 81-year-old mother who lived alone in Indiana. So Crosby was glad when her mother, Bettye Segraves, agreed to sell her home of 50 years and move to Chicago.

Help came from a service called Senior Living Experts Inc., a Chicago-based company that assists seniors and their families with housing selections.

After meeting Segraves, the Senior Living representative suggested a building for independent elders, with some services.

Mother and daughter toured three buildings and selected a one-bedroom apartment at the Breakers, a North Side building that offers meals and housekeeping. "Senior Living helped us narrow the housing choices," said Crosby. "It was a godsend."

Services are available to help seniors and their families navigate the maze of senior housing. Geriatric case managers and social-service agencies can help seniors find housing as part of an assessment of the individual's needs. There is also a handful of new services that offer housing advice.

Senior Living Experts was started about a year ago by Lisa Sneddon. In a typical case, Sneddon talks with the senior's adult daughter over the phone to find out how much care the senior needs. Sometimes, Sneddon meets with the senior. Then Sneddon arranges tours of several places. "Families get overwhelmed. So it's good for me to be there," said Sneddon.

Sneddon's service is free. Something like an apartment-finder service, Sneddon is paid a fee by the building the family selects. Sneddon works with buildings in the suburbs and city. But, she emphasizes, "I send people to places I do not have contracts with. It depends what [the senior] needs."

It should be noted that free housing services work with market-rate buildings. The services are meant for people who have the money to pay for an assisted living or retirement building, fairly expensive housing arrangements. If your parent has a low income, your best bet is to contact your area agency on aging .

Chicago Tribune article online

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