Market geography Housing options Age-restricted communities Housing for Older Persons Act (HOPA)

1. In this chapter Market geography Housing options Age-restricted communities Housing for Older Persons Act (HOPA) Second homes Promoting your market area Balancing community pros and cons 2 -

2. Market Geography • California, Florida, New York, Texas, Pennsylvania, Ohio, Illinois, Michigan, New Jersey • California, Florida, and Texas = 29% total increase in senior populations • Most live in metro areas More than half 65+ population lives in nine states 2 -

3. Market Geography Trend to stay close to home Future distribution of senior population will be in proportion to where Baby Boomers and their parents now live 2 -

4. Banker’s Life Co. Top 10 Locations for Seniors Portland, OR Seattle, WA San Francisco, CA Pittsburgh, PA Milwaukee, WI Philadelphia, PA New York, NY Boston, MA Cincinnati, OH Chicago, IL 2 -

5. Terminology Is Local Terminology for types of housing can differ from place to place House-o-minium? Condo-cabana? 2 -

6. Housing Options Active Lifestyles Independent Living Assisted Living Continuing Care Care Facilities 2 -

7. Active-Adult Communities Age restricted Range of services, social events, amenities, and activities 2 -

8. Desired Amenities Top 3 of 10 amenities: 1. walking and jogging trails2. outdoor spaces3. public transportation Amenities enhance value even if residents do not use them 2 -

9. Active-Adult Housing Options Single-family homes Attached homes, duplexes, townhomes Condominiums, house-o-miniums Manufactured and mobile homes Cluster housing Subdivisions Cruise-ship condominiums “Try-before-you-buy” option 2 -

10. Elder Cohousing Residents design the community Design encourages a sense of community Common facilities designed for daily use Residents manage the community Decision-making by consensus Community & services not a source of income 2 -

11. Are We Having Fun? Men Age 55-64 are least-fun years Age 65 most say they about same Less likely to pretend enjoyment Women Having more fun until age 65 Less inclined to pretend fun What would men and women rather be doing? Good deeds. 2 -

12. Aging in Place Remaining in the current residence Staying in the community, but in a different residence Relocating for the last time 2 -

13. When and Where? Most lock in their housing choice for aging in place by age 60 Security, privacy, independence 2 -

14. Certified Aging-in-Place Specialist (CAPS) Awarded by the National Association ofHome Builders Specialists in adaptive modifications of homes for aging in place www.nahb.org 2 -

15. Seniors-Only Apartments 20% of seniors are renters Apartments are small and easy to maintain Seniors can socialize with comfort, safety, and security No medial or custodial care provided Long waiting list for low-income housing 2 -

16. PACE Program of All-Inclusive Care for the Elderly Coordinated care and services Better for seniors to be served in the community Nursing home needs certified, but few seniors live in nursing home www.npaonline.org 2 -

17. ECHO Elder Cottage Housing Opportunity Granny flat, mother-in-law flat, or accessory unit Site-built and attached to the main home Separate entrance Enhances the value of the main home 2 -

18. Shared Housing Sharing a home with a roommate Strategy for aging in place Organizations help with match up 2 -

19. Congregate Living Private apartments Independent living with privacy, supervision 24/7 Common social areas and communal meals No medical care 2 -

20. Senior Day Care Fills in the gap when the caregiver must work during the day or needs a respite Offers supervision, often a noon meal, social and education activities, and support groups 2 -

21. Short-Term Stays May be offered by congregate, assisted living, and continuing care retirement communities Can provide vacations and care giver respite Try out as a possibility 2 -

22. Assisted Living Intermediate step between independent living and care facilities Assistance with daily activities For those who cannot live on their own, are ambulatory, but do not need nursing care Medicare does not cover cost 2 -

23. Continuing Care Increasing levels of care at one location as residents’ needs change Provides security of being taken care of through stages of aging Residents can maintain friendships Large buy-in fee, annuity purchase, monthly fees Not for the budget conscious 2 -

24. Elder Care Caring for the frail elderly who have chronic functional impairment Assistance in one or more of the activities of daily living (ADL): bathing, toileting, dressing, grooming, eating, and transferring, such as moving from bed to chair 2 -

25. RCFE Residential care facilities for the elderly More independence than a nursing home Assistance with ADL, but no medical care One basic price for a package of services with added fees for additional services, or deductions for services not used 2 -

26. Board and Care Simple small assisted living facilities Personal and custodial care Converted private homes, unofficial 4 to 10 residents Also known as foster care, group homes, and domiciliary homes 2 -

27. Nursing Homes Personal care and medical care around the clock Short-term residents who are recovering Long-term residents who cannot care for themselves 2 -

28. Respite Care Allows caretakers occasional time off to recoup emotionally, handle other family responsibilities Alternative is short-term stay in an assisted-living facility 2 -

29. Alzheimer's Care Facilities Specialize in care of patients with dementia Caring for patient at home means families need to think about: Security and safety of environment Day care facility availability Interaction and recreation opportunities 2 -

30. Facility Regulation Different state agencies regulate different types of facilities No standard definitions Two different “retirement centers” or “assisted-living” facilities within the same state may not be licensed by the same agency 2 -

31. Why Age-Restricted Communities? Seniors can make friends with people of the same age Use of facilities Peaceful atmosphere 2 -

32. Verifying Age Not the responsibility of the REALTORto verify age or eligibility Clients must be informed that they will be expected to meet the age restrictions 2 -

33. HOPA Two Levels of age restriction: 80% of the units occupied by at least one person age 55 or older per unit 100% of the units occupied by person age 62 or older 2 -

34. HOPA Requirements Must publish and adhere to policies and procedures that show intent to provide housing for these age groups Must verify resident age through reliable surveys or affidavits 2 -

35. 80/20 Prevent loss of exemption when surviving spouse or heir occupies the unit Occupants are counted, not the owners Occupant may be absent for a time Healthcare workers or family caregivers are not counted 2 -

36. Second Homes, Future Retirement? Use of the property may change as owners progress through life stages One in four vacation-home owners intend to use the property as a primary residence after retirement 2 -

37. Converting Rental to Retirement Use rental income to offset as much of mortgage and expense Sell primary home and refurbish rental home Sell both homes and purchase new home 2 -

38. Typical Second Home Buyer What picture do the data present? How does it compare to the buyers you encounter most frequently in your market? 2 -

39. Promoting Your Market Area Help buyers evaluate and balance the pros and cons 2 -

40. Checklist for Promoting Your Market Area Medical Market Transportation Community & Activities Fitness Climate Services Senior and Aging Services Property Features 2 -

41. Cost of Living Most important factor in choosing retirement location Be prepared with information on cost of living factors 2 -

42. How Liveable Is Your Community? AARP 10-point quiz How would your grade your community? Go to www.aarp.org 2 -