Maybe sharing the house with a relative or friend who pays rent and handles cleaning and maintenance will allow a senior to stay in the home. Some seniors say they're going to stick the money in a savings account. Sometimes that means they hold out for an unrealistically high price. In some traditional couples, the husband has been the decision-maker who handled family finances. When he dies, the wife is at a loss.
Women live an average of six years longer than their spouses.
Those who are unfamiliar with finances need advice and help. Seniors who haven't been in the real estate market for decades may not understand about disclosure, buyer agency or home inspection. Some seniors think their only alternative is a nursing home, about which they harbor lots of negative stereotypes. Seniors may be unaware of the wide variety of possibilities open to them, including retirement communities with varying degrees of support and assistance. The role of adult children is key when a senior decides to sell.