Senior citizens who are now retired may find a certain sector of the housing market dropping its price, the Chicago Tribune reports.
Retirement communities in areas hardest hit by the decline are reportedly offering discounts and fee freezes aimed at retirees who may be looking for an alternative residence or who are having difficulty selling their home, according to the article.
"There are deals pretty much everywhere, but the heaviest discounting is in Florida and Southern California," Elias Papasavvas, founder of Elderlife Financial Services told the news provider.
There are also numerous financial institutions providing a creative loan for seniors who may have been hit hard from the recession, especially those who have seen their stock portfolios and home values significantly decrease, states the Tribune. Some banks are offering personal loans up to $50,000, which can enable a senior to move into a community before their home sells.
Some retirement communities offer one or two meals a day for its residents as well as transportation and scheduled activities. Others have assisted-living services such as Alzheimer's care.