Housing crisis hitting seniors, assisted living providers

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Seniors who can't sell their homes due to the housing and financial crises are feeling trapped because they cannot afford to move into assisted living or retirement communities, according to a news report.

Thousands of seniors are stuck with the deeds to houses they need to sell in order to afford assisted living care, according to a report in The New York Times. And the problem is worsening, those in the industry believe. Meanwhile, on the industry side, occupancy rates in assisted living facilities have decreased slightly in the last year.

To counteract the problem, some providers are going out of their way to help area seniors and prospective residents to unload their homes, the newspaper said. They are offering consultations with real estate agents on ways to improve houses for showings. Some are setting up bridge-loan programs with local banks to help seniors who are waiting for their homes to sell, according to the Times.