Senior Housing Alternative

Senior Housing Alternative was established in 2009 to address the lack of age-appropriate housing for middle income seniors .

Foundation is the answer to a medical emergency experienced by a senior citizen with first-hand knowledge of the problem of middle income senior housing.

In 2009, this 68-year-old man suffered an aneurism which nearly killed him. With good luck and excellent medical treatment he survived.

Upon discharge from the hospital, his home suddenly was too large. It had too many floors and did not accommodate his resulting physical limitations. It was now beyond the capacity of his wife and him to manage and maintain.

He couldn’t sell the house because its value had plummeted after the 2008 real estate market crash and since he was unable to work, he didn’t have enough income to justify another mortgage.

Thus, the double dilemma.

The current house was too expensive, but he was unable to sell it and buy a less expensive, more affordable house.

Like so many other seniors facing a new life paradigm, the couple felt extremely vulnerable as they explored their options. They looked at the rental market, but the few suitable rental units which were available were very expensive and he worried about the effect the move would have on his wife, who was also suffering from a medical issue. Additionally, such a move would expose them to serious risk; what would they do if their new landlord raised the rent to a level they couldn’t afford or refused to renew their lease?

Their home was unsaleable in the current market but they could earn money by renting it. The income would cover the existing mortgage payment plus a small surplus, but satisfactory replacement, rental housing was out of reach and not a good option for the reasons just stated.

Adding insult to injury, because they couldn’t sell the house (i.e. they remained ‘homeowners’), they were ineligible for every senior housing assistance program. Those programs prohibited ownership of a current principal residence for those who were seeking aid in the purchase (or even rental) of a new home.

He solved his own predicament by regaining his health and mental acumen, and returning to his career. But he was deeply troubled as his wife and he pondered: ‘what does the average guy do after a life changing event creates a similar (and all too common) situation?’ He was fortunate that his health improved, that he had financial reserves and a business to which he could return.

This experience convinced him of the need to find a solution.