by Shawn Lackie
A number of years ago, I did a feature on Port Perry’s Golden Girls, on my Real Estate Show on Rogers. The Golden Girls were a group of four retired ladies, who, more or less, were on the leading edge of changing how retired persons could live independently from the old norm.
It used to be, once you retired, you had few options available to the way you would live out your remaining years. A number of factors were in play. Health, finances, housing availability and other factors determined where you could call home. For many, these were upsetting times, even more so, if they were quartered with relatives or had pets living with them. It marked a time when their whole world changed drastically.
The ladies on Mary Street set up a completely different living arrangement. Four ladies shared the expense of the purchase and month to month expenses, to keep their lifestyles intact. They each had a sitting room and private bath. The home was equipped with an elevator and had a guest room in the basement plus separate living quarters, for a PSW if needed.
They really covered all the bases. If one of the four members decided they wanted to leave, they could sell their share to another person. All decisions on how they lived were voted on, in a very democratic way. In many ways it was almost like going full circle to when you were just starting out, after your schooling was done. Most entry level jobs didn’t pay enough for you to have your own place, so you shared with a roommate or two (or three?).
When the pandemic hit five years ago, there was an incredible mount of focus placed on retirement homes. Most of the attention wasn’t in a positive light. So, following that awful experience, many decided they wanted to “age in place.” They had no desire to move to a retirement facility, especially if they could afford to stay in their own home. Even if they had to order meals in and had a PSW show up occasionally, this was more inviting than the alternative.
Reverse mortgages also became a popular alternative. You could borrow against the equity in your home and use it for living expenses. Times have changed and parents no longer feel the need to leave a “legacy” for their children, by having them inherit the family home. In many cases the parents have paid for the kids’ education and also given them money to buy their first home. So, they could now focus on staying in their own home, as long as possible. It seems to be working so far.
Still, another option has been developing lately. I recently attended a presentation by a group called Senior Women Living Together. They have a process which matches people up with landlords in a shared accommodation scenario. That process offsets the expense of living alone, and with apartment rental rates going sky high the last few years, an option like this is a welcome choice indeed. Pat Dunn gave a 90 minute talk, followed by a Question and Answer period which certainly filled in the blanks.
This is a most viable option, and anyone interested should check it out. Their web site is: www.swlt.ca. You can find answers to frequently asked questions and get a really good handle on just what a valuable resource this could be. Either for yourself or a loved one, you should check it out. You may be glad you did.
If you have any Real Estate questions or suggestions for future stories, feel free to drop me a line, at slackie14@hotmail.com
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