Finding Affordable Senior Housing for Rent

Finding affordable senior housing for rent isn’t easy. An affordable housing crisis, combined with a growing number of older adults struggling with mortgage debt on a fixed income, has led to millions of seniors overburdened by the cost of housing. For many seniors, the issue is exacerbated by declining health issues that will likely require additional services and care in the future, if not already. Healthy and active seniors seeking affordable housing options for independent living have a few options, including:

Reverse mortgage

A Home Equity Conversion Mortgage is a known as a reverse mortgage and is available only to people 62 years old and older. The homeowner borrows money using their home as security. Over the duration of the loan the homeowner makes no payments but the amount owed increases until the homeowner no longer lives in the home. Then the mortgage must be satisfied by the borrower or heirs, typically by selling the property. According to the Consumer Financial Protection Bureau, seniors need to be cautious about scams from contractors pushing reverse mortgages for repairs and for those that target veterans.

Rent-back agreement

Some homeowners may choose to sell their property for cash and enter into a rent-back agreement with the buyer that allows them to live in the home for a specified period of time as a renter. Typically, this kind of agreement allows for fair market rent, which could be higher than the mortgage payment. There may be additional costs such as security deposits and closing costs that the seller must pay. As with any transaction involving property, it is a good idea to have contracts reviewed by an attorney.

Public subsidized housing

For low-income seniors, rent subsidized housing may be an option. However, there are eligibility requirements and limited availability. To find out more, contact your local housing authority.

Affordable senior housing for rent

While a reverse mortgage, rent-back agreement, and rent subsidized housing can provide affordable housing, none support a senior’s growing need for assistance as they age. Retirement communities like Ecumenical Retirement Community in Harrisburg, Pa. combine comfortable, affordable apartment living with a maintenance-free lifestyle and the peace of mind knowing that care services are available if needed. A full range of included activities, events and excursions helps to combat the isolation and loneliness that seniors aging at home often experience, too.

To see how affordable senior housing for rent can be, check out this handy financial calculator that compares current living costs with all-rental retirement community living.

Why choose Ecumenical Retirement Community?

Our not-for-profit community in Harrisburg, Pa. has been supporting seniors with affordable senior housing for rent for more than 25 years. With Ecumenical’s all-inclusive Independent Living, there’s just one fixed monthly bill and no buy-in required. We even offer special rates for couples living together in the same apartment with different care needs and for shared accommodations in our Friendship Suites. Check out our Pricing and Floor Plan page for sample floor plans and current rates.

Come see for yourself why US News & World Report rated Ecumenical Retirement Community Best Independent Living for 2024. Schedule a tour or speak to one of our helpful local advisors for more information.

All content contained within this page is provided for general information only and should not be treated as a substitute for advice and information from a professional financial or tax advisor. Ecumenical Retirement Community is not a provider of these financial products or of financial and tax advice and does not endorse or take responsibility for the accuracy of the information contained on the websites listed and does not receive incentive compensation from the companies and products listed here. Individuals should consult with their personal financial or tax advisor for advice about what financial options are best for them.