Of course, finances are a major concern for most folks going into independent/assisted senior housing. Here are some things to consider:
Buy-In Models are often non-profit religious organization owned. Some of these are the Sequoias in San Francisco and affiliated campuses (to be soon in Walnut Creek Via Monte) and Stoneridge Creek in Pleasanton. They require a whole lot up front (like $300K to $1Million). However, families should be aware that much of that comes back to the family when the senior leaves the facility. The amount returned depends on how long the senior has lived there. This allows the project to provide many more services than may be available in other housing. In addition, monthly costs may be considerably lower than in a straight rental situation.
Rentals offer a home with no buy in amount. In exchange for this the monthly costs can be significantly higher than the buy-in model. Generally , these are smaller facilities with fewer amenities.
Significantly different from these models is the Waterford in Rossmoor. It is the only independent living arrangement that is really a condo (that I am ware of). I.e., the senior or his/her family OWNS the real estate and can resell it as the time approaches. The monthly fees are greatly less than the rental models (for example $2,000 for a single). Two things to note about the Waterford: it is ONLY independent living, no assisted care is available (of course, one can hire home care if needed), no one is there in the middle of the night to offer any assistance. The other significant fact is that the condo is not financeable at the moment. Units in the Waterford are currently running from $100,000 for a small one bedroom to $400,000 for very nice two bedroom, two baths. There are combined models occasionally available in the $700,000’s. They sell very well.
I would be very happy to talk to any of you interested in these sorts of living arrangements.