Here’s an interesting housing option for seniors. For some families this alternative may provide the means to keep mom or dad close to help with care, while allowing them to maintain their independence. A win-win!
What is ECHO?
An ECHO senior housing unit is a temporary, manufactured home, usually a small studio or one-bedroom, which seniors can add as a separate structure on the same property as a single-family home belonging to an adult child or another relative.The idea for this senior housing option is to make it possible for seniors to live near their families, but not with them.
Seniors get the support they need without the expense of private care or the loss of their independence, and everyone in the extended family has privacy when they want it.
ECHO Senior Housing Benefits
ECHO is an ideal senior housing answer for many aging adults who:
- Value self-reliance
- Seek to reduce their living expenses
- Want to feel more secure about getting the help they need as they age
- Prefer to stay close to their children and grandchildren
Because ECHO senior housing offers proximity and daily contact, grandparents and grandchildren are more likely to develop and maintain close relationships than often happens when they live in different citie–or even across town.
Aging parents and adult children also become closer in many cases, and the two households often develop a strong spirit of shared responsibility and mutual support.
Other Benefits of ECHO Senior Housing
ECHO senior housing offers many other benefits for seniors and their families. For example:
- Cost-effective. ECHO senior housing units cost far less to purchase or lease than traditional homes, and many financing options are available.
- Uses existing equity. For seniors who own their homes, it may be possible to use existing equity to finance the ECHO senior housing unit.At the same time, seniors can rent their existing homes, charging enough enough to cover the lower ECHO costs, which enables them to earn additional income while they continue to build equity in the existing home.
- Temporary. Once an ECHO senior housing cottage is no longer needed, it can be removed and reused elsewhere.
- Low-stress. Because the two households are side-by-side on the same property, seniors know they can call for assistance from people they love and trust, and their family members can respond quickly and easily with no need to travel.
Read the whole article here to learn more.
