Times Union: When it’s Time to Downsize

James Farnan, vice president of housing for Eddy Senior Living, a unit of St. Peter’s Health Partners, contributed to a Times Union article about housing options for older adults who are thinking of selling their home and moving to new accommodations with more amenities and less maintenance. From the story:

Fortunately, the Capital Region has a wide range of living choices — from urban apartments and suburban housing developments, to independent living with all the frills on a campus that also offers a continuum of care. Residents whose needs for health care grow as they age can find such services without leaving the campus.

James Farnan, vice president of housing for Eddy Senior Living, a unit of St. Peter’s Health Partners, said its apartments offer a range of amenities and services.

At Beechwood on Burdett Avenue in Troy, meal plans are available, along with housekeeping services, transportation, a clubhouse, fitness center, libraries and even a putting green.

Such amenities are not inexpensive. Typically, residents pay a one-time entry fee that can range into the low six figures, along with a monthly maintenance fee that can be in the $2,000 to $3,000 range.

Typically, a new resident will use the proceeds of a home sale to cover the entry fee, said Farnan.

See the full story here.