NEW YORK: When Rika Mead retired, and divorced, two years ago, the idea of taking on a roommate wasn’t high on her list of priorities.
And she admittedly was a bit rigid about keeping her belongings a certain way.
Her current home is large – 3,700 square feet over three floors, so a friend thought of Mead last summer when trying to help a couple of 21-year-olds find housing for the summer. Because it was a short-term situation, Mead agreed to rent out two extra bedrooms.
“We had a blast. It was so much fun I decided to get over myself and start thinking about my space in a new way,” said Mead, 68.
Housing wealth accounts for a big chunk of retirees’ net worth, but tapping that wealth can be fraught with as much emotional baggage as financial – one reason some financial advisers shy away from pushing the issue with clients.
Industry entrepreneurs say demand for elder shared housing is largely among single women.
The arrangement can cut housing costs by a little more than half, and it covers about half of Mead’s monthly mortgage payment.
Rooms for rent typically generate about half the going rate of a one-bedroom apartment, said…