Find A Community
Search Now

Financial Options


Retirement Living Community

Rental Independent Living | Assisted Living |Memory Care

Affording the Cost of Retirement Living: Financial Options Available for You to Consider

While the cost of living in an independent living retirement community, in most cases is comparable or less than the overall household expenses of living in a single family home, and in the case of an assisted living residence far less expensive than an extended stay in a nursing care center, many seniors have utilized the following six types of financial alternatives to help pay for the incredible lifestyle offered by a senior living. Please contact you nearest Keystone Community for more information on any of these programs. Our community relations staff will be happy to assist you with exploring any of these options.

Veterans Aid and Attendance Program

The Department of Veterans Affairs provides the Aid and Attendance Pension to eligible wartime veterans and their surviving spouses. This benefit can offset a significant portion of expenses in a senior living community. Depending on your unique situation, the benefit can range from $1,056 to $1,949 per month and is tax free.

ElderLife Financial Services

ElderLife Financial Services offers unsecured loans of up to $50,000 for qualified services. Working much like a bridge loan or line of credit from a bank, ElderLife Financial Loans are designed specifically to help seniors move into a senior living community, supplement their move while waiting for the sale of a home, or help bridge the gap in their monthly expenses. Families determine how much is needed each month, and then funds are transferred directly to the bank account of the community.

Life Settlement Program

Life settlement means that you cash in your life insurance policy while the policy holder is still alive for an amount greater than the cash value, but less than the death benefit. There are a number of life settlement programs to choose from. Many people do not realize that their life insurance is a financial asset that you may be eligible to utilize now. A life settlement provides cash for your life insurance now. Available for term, universal or whole life policies, life settlement worth varies depending upon your specific life insurance policy, but often your life insurance on average can provide three-to-four times the cash surrender value. Organizations like LifeCare Funding Group or Milestone Managers can help answer your specific questions. Our sales staff can provide you a list of organizations that can assist you with this process. You can also go to the Life Insurance Settlement Association’s Web site for more information

Shared Suites

For the budget conscious individual or for those who want companionship, we can help match you with a roommate to share living costs and apartment space in our community. Since all of Renaissance West’s two bedroom apartments have two bathrooms, you will have your own bedroom and private bathroom. The only spaces you share are the kitchen and living room areas. Renaissance West’s shared suites offer an affordable senior living option at a fraction of the cost of a private apartment for a price that’s hard to beat.

Long Term Care Insurance

Many people think that long term care insurance only covers nursing home care. While that is frequently the case, there are also options to consider when purchasing a long term care policy. Buy a flexible policy. A good policy will cover care not only in nursing homes but also home care and assisted living communities. Not every facility qualifies. Some policies specify that a staff member must be on the premises 24 hours a day, a doctor must be on call, or the facility must be able to supervise medications. A home care benefit should include adult day care, hospice services, and respite care (temporary overnight care).

Home Equity or Bridge Loans

A home equity loan is a type of loan in which you borrow against the equity in your home. At today’s low interest rates, equity loans offer an attractive option for moving into a retirement community.

Bridge loans are designed to “bridge the gap” in purchasing or financing real estate products or services while your home is on the market. They may be a better option since in some cases lenders will not lend on a home equity loan if the home is currently on the market. Bridge loans for qualified seniors can be arranged quickly and with relatively little documentation. At the same time, bridge loans typically have a higher interest rate, points and other costs that are amortized over a shorter time period.

How Moving to a Retirement Community Could Actually Save You Money

Selling your house is one of the ways to generate more money to re-invest. And it could lower your cost of living, surprisingly. Have you ever considered that you might actually save money if you moved to a rental retirement living community like Keystone Place at Legacy Ridge in Westminster? If you have any hesitation about moving to a senior living community, especially if you don’t think you can afford it, please consider the following. If you own a house, you may be able to generate an extra $500-$1,000 in income per month by selling your home and wisely investing the built-up equity. As a home-owner, you are likely also paying real estate taxes, property insurance, heat and air conditioning, light, water, and property up-keep expenses. Many of these expenses are “variable,” and as gas and electric prices rise, heating and air conditioning bills go up as well! Maintenance, fixing plumbing issues or a hot water heater, can be unpleasant surprises which can strain the budget. These expenses will be covered in your inclusive monthly fee for an independent or assisted living apartment at Keystone Place at Legacy Ridge.

“Health is Wealth” – Investing in Your Health Is Also Investing In Your Future!

Moving into a senior living community can have further benefits. Numerous studies have shown that regular exercise and social connections are vitally important to maintaining your health as you grow older. A senior living rental retirement community like Keystone Place at Legacy Ridge with a wide range of life-fulfilling exercise and social opportunities can help you stay independent and healthy as you age.

The information provided is intended to be informative and act as a guide when considering senior living options. Information is from various resources and is not intended to be your only option. Please consult your personal financial professional, or attorney to discuss your own personal situation.

Does a Retirement Community Make Financial Sense for You?

You may be surprised to find that when you add up all of your current costs of living, you can move to a Keystone Community, worry less and live more – all for a comparable amount to what you are spending now.
Download our Value Worksheet(as seen below) to calculate and compare your monthly costs to Keystone Living

Value Worksheet
My Monthly Cost Now
Keystone Senior Community
Mortgage / Rent __________


Real Estate Taxes __________


Homeowner Assn Fees __________


Food __________

Included (1)

Utilities __________


Laundry __________


Housekeeping __________


Lawn and Outdoor Maintenance __________


Home Maintenance and Repairs __________


Concierge Service __________


Emergency Response System __________


Fitness Center Membership __________


Entertainment and Activities __________


Opportunity Costs (2) __________


Transportation __________

Included (3)

Assistance with Daily Living Activities __________

Included (4)

Medication Administration / Reminders __________

Included (4)

Total Monthly Costs __________ __________


Note 1: Number of meals included vary depending on type of apartment but all plans include at least one main meal plus a continental breakfast daily.
Note 2: Opportunity costs are the costs associated with what you could be earning with the equity in your home. For example, if you own your home free and clear of a mortgage, and it is valued at $200,000, you could invest that $200,000 by selling your home and moving to a Senior Community. $200,000 invested at 6% interest would return $12,000 per year or $1,000 a month to you.
Note 3: Scheduled transportation to shopping, activities, events and doctors appointments is included free of charge. Other transportation is available at a nominal charge.
Note 4: Assisted and Memory Care residents only.
Keystone Senior LLC, 3965 Airport Drive, Indianapolis, IN 46254
© Copyright 2005 - | All Rights Reserved
Equal Housing Opportunity
Proudly using Dynamic Headers by Nicasio WordPress Design