Home Sharing Helps Single Seniors Deal with Finance and Loneliness, Allowing Them to Age in Place

The choices for seniors who own their own home are numerous -- downsizing to a smaller patio-style home, selling and moving into a 55+ community, and this: taking in a housemate to help with chores.

Married seniors living in long-time family homes that are bigger than they need often call me and other Realtors about downsizing, and I have written many times about the options they face, including the option that Rita and I chose, which was to sell our home and move into a 55+ rental community.

Widowed seniors face a more pressing problem. The retirement income, including Social Security, which supported them and their late spouse is now reduced as much as by half, and maybe it’s not enough to support them in their beloved home.

A senior homeowner with no mortgage or lots of equity may be able to do what we did — sell the home and live off the proceeds, plus his or her retirement income, for the rest of their expected life. Another solution is to take out a reverse mortgage, even if he or she owns it free and clear, and live of that equity for the rest of their life.

Scroll down for links to my previous columns on this topic.

But there’s another option which not only addresses finances but also that big killer of seniors — loneliness. You could consider taking in a roommate — or “boommate” — but how do you find and screen such a person so it doesn’t lead to something even worse than running out of money?

That’s where a Denver non-profit called Sunshine Home Share Colorado comes in. Sunshine completes background and credit checks on all participants in the program. All applicants must have three verifiable references. Home seekers must provide proof of income. Sunshine also completes a 1- to 2-hour social work intake with each program participant, assessing for mental health, emotional health, physical health, and substance abuse.

Home providers must be over 55 years old; home seekers only need to be over 18. The rent could be up to $1,000 per month, reduced by mutual agreement when the home seeker provides services such as snow shoveling, housekeeping, lawn care, taking out the trash, or providing transportation to the home provider for medical appointments, etc.

Home seekers do not provide any personal care such as showering, toileting, and assistance transferring between bed and chair. For that, the home provider would have to secure appropriate professional service providers.

The matching process typically takes eight weeks, which includes a 2-week trial period. The organization provides periodic check-ins later on to make sure that the fit still works.

The housemate has to have an income to support their rent payments and may or may not be gone for employment purposes most days. Typical “service exchange” work can range from 5 to 20 hours per week. The more work is done, the less rent the home seeker is expected to pay, all negotiated up front.

All home shares are month-to-month, with the average home share lasting a year, but they could last five years or longer. Having the third-party involvement of Sunshine makes it easy for either party at any point to say, “Sorry, this isn’t working for me.”

One of the biggest problems faced by single or widowed seniors is loneliness. It’s a big reason that moving into a 55+ community makes sense, and I have seen that work in person from living in such a community — especially for the single residents. However, many seniors want to “age in place,” to stay in their long-time home as long as possible, and home sharing can make that possible not only financially but by providing some healthy companionship.

The organization’s website provides stories of matches they have made and FAQs. Go to www.SunshineHomeShare.org. Their phone number is (720) 856-0161. Their office is in north Denver.

Sunshine Home Share operates throughout the Denver metro area. If you think this idea would work for someone in another state, check out the National Shared Housing Resource Center.

Here Are Some of My Previous Columns on Related Topics

Click on the date to view the PDFs of that week’s ad. It may not be the primary article in that week’s ad.

Jan. 2, 2025 —Is a Reverse Mortgage Right for You?

Oct. 31, 2024 — Cooperative Living Presents an Attractive Alternative to Downsizing

Oct. 17, 2024 —Understanding the Different Kinds of 55+ Retirement Communities (CCRCs)

Sept. 26, 2024 — Keeping Your Death from Becoming an Undue Burden on Your Heirs

Aug. 8, 2024 — Seniors Might Consider Downsizing into a Rental, Not a Smaller Home; Also: Trusts as an Estate Planning Strategy

Feb. 8, 2024 — ‘Empty-Nest’ Baby Boomers Own Twice as Many Big Homes as Millennials with Children

Aug. 17, 2023 —Should You Consider a Reverse Mortgage as Part of Your Retirement Plan?

Mar. 16, 2023 — Here Are Some Ways to Make Your Home More Senior-Friendly

Dec. 29, 2022 — Have You Considered Cohousing — An Explanation and Some Examples

July 28, 2022 — Aging in Place vs. Moving to a 55+ Community: Some Considerations