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Older Americans may take advantage of sharing economy to earn extra money or find a place to live.

Uber and AirBnB have taken the lead in the new sharing economy despite the controversies surrounding the pros and cons of such services. The services avoid regulations when sharing rides or finding places to stay but there are also fewer protections for consumers and those who make a living in the industries.

While this new sharing economy might seem like something for the future and younger generations, in one area it might just be for the elderly.

Forbes writes about seniors sharing their homes in “How You Can Get In On The Home-Sharing Economy.”

Seniors who have a home and a spare room can rent out the room to another senior.

This gives the home owners extra income and allows the renters to live in a home instead of a nursing home or other facility. Traditionally, seniors are matched together by nonprofits that check for compatibility and proof of income. However, it appears entrepreneurs are interested in getting involved.

Home-sharing for seniors will likely have its good points and bad points. What those might be exactly is difficult to determine until entrepreneurs get involved and their services can be evaluated.

It might be helpful to contact an elder law attorney who can investigate the parties involved before signing on to the sharing of a home.

Reference: Forbes (March 16, 2016) “How You Can Get In On The Home-Sharing Economy.”

For more information on elder law and estate planning, please visit my estate planning website.

Mr. Amoruso concentrates his practice on Elder Law, Comprehensive Estate Planning, Asset Preservation, Estate Administration and Guardianship.