Deciding to move to Polo Park Estates doesn't have to mean deciding to sell the house. For many families in Midland, the house is more than a piece of property. It holds decades of memories, and it's often a family's largest financial asset. The good news is that keeping the house while in senior living is possible, and there are several financing independent living options that let you hold onto your property while still enjoying everything our Independent Living with supportive services** community has to offer, from chef-prepared meals three times a day to afternoons in the bistro and evenings in our on-site theatre.
Below are some of the most common senior living payment alternatives residents and families use to afford independent living without a home sale.
One of the most direct ways to cover monthly costs is to rent out the house. This keeps the property in the family while turning it into a source of steady income.
Property managers typically charge 8 to 10 percent of monthly rent, which is a reasonable trade for not having to manage the property yourself while settling into your new apartment home.
A reverse mortgage lets homeowners aged 62 and older convert home equity into cash without selling. Depending on the plan, you can receive the money as a lump sum, a line of credit, or ongoing monthly payments, and the loan isn't repaid until you permanently move out or pass away.
This approach works well for residents who want access to their home's value without taking on a new monthly mortgage payment. The funds are tax-free and don't count against Social Security or Medicare. Property taxes, insurance, and upkeep on the house remain your responsibility, and a HUD-approved counselor can walk you through the terms, fees, and how a reverse mortgage might affect what's left for your heirs.
A home equity line of credit, or HELOC, is another way to afford independent living without a home sale. It works like a revolving credit line borrowed against the house, and you only pay interest on what you actually draw.
HELOCs generally carry lower interest rates than personal loans or credit cards, and most come with a draw period of around ten years for interest-only payments. That flexibility can make it easier to manage monthly fees while you sort out a longer-term plan for the property.
Many residents find that a closer look at their investment portfolio or pension distributions uncovers income they weren't fully using. Redirecting dividends, interest, or required minimum distributions from retirement accounts is one option. Others look at immediate annuities, which convert a lump sum into predictable monthly payments.
A financial advisor can help identify the most tax-efficient way to draw down accounts, so you're covering costs at Polo Park Estates without unnecessarily depleting savings.
Some families choose to share the financial responsibility while keeping the house in the family. A few common arrangements:
An elder law attorney can put these agreements in writing, which protects everyone's expectations and keeps the arrangement clear from the start.
If you plan to sell the house eventually but need funds now, a bridge loan can cover the gap. These short-term loans typically run six to twelve months, giving you time to properly prepare and list the property instead of rushing the sale.
Interest rates on bridge loans run higher than a traditional mortgage, but for many families, the ability to move into Polo Park Estates on their own timeline, rather than the market's, is worth the added cost.
Do I have to sell my house to move to Polo Park Estates? No. Many residents keep their house and use one of the strategies above, such as renting it out or opening a home equity line of credit, to help cover monthly costs.
Can family members help pay for my apartment home? Yes. Family support arrangements are common, whether that's a monthly contribution, a shared equity agreement, or another arrangement put together with an attorney.
What if I want to sell eventually but not right away? A bridge loan can provide funds in the meantime, giving you time to prepare and list the house when you're ready rather than on a rushed timeline.
Every family's financial picture looks a little different, and our team at Polo Park Estates is happy to talk through what's worked for other residents in Midland. Schedule a tour today and see the apartment homes, dining, and daily life that make our community feel like home.
A choice of third-party providers is available onsite for convenience, but residents are under no obligation to use any particular one.