Analysts and entrepreneurs have recently hyped up what they call the sharing economy. Older Americans might be able to take advantage of it if they need extra income or are looking for a place to live.
Services such as Uber and AirBnB have plenty of cheerleaders and detractors. On the one hand, they allow people to bypass regulations and contract with each other directly for services such as ride-sharing and a place to stay out of town, respectively. On the other hand, detractors point out that these services have less consumer protection safeguards and harm the people who work in the industries traditionally.
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.
All that noted, seniors are advised not to sign up for any home-sharing arrangements before checking with an elder law attorney who can look at any contracts and assess the possible problems.
Reference: Forbes (March 16, 2016) "How You Can Get In On The Home-Sharing Economy."
