As the housing crisis unravels in 2009, people are adopting innovative living arrangements that reduce expenses, make mortgages affordable, and provide steady streams of income. One example of this is shared living arrangements. In this arrangement, two or more unrelated people share a home or apartment. Each person has a private room but shares common areas. Both parties can pay rent or there can be a service exchange in lieu of money. In a service exchange, one person provides childcare, elderly assistance, or other needed duties for another person. This is a low cost way to maintain stability and protection for people who might otherwise be unable to afford housing.

One way elderly people can create a steady stream of income is through a Home Equity Conversion (HEC). The most common HEC is a reverse mortgage where the homeowner receives cash advances against accumulated home equity. The borrower must be over 61 years of age, own property, and have a very low mortgage balance. Non-profit housing organizations can also provide people with housing while they complete schooling or training in preparation for re-entering the workforce. These short term arrangements help adults bridge gaps between jobs, and maintain stability within their household. One local organization that provides this kind of service and more is HIP Housing. HIP, with offices in Redwood City, South San Francisco and Daly City, includes programs on home sharing, home equity conversion and provides housing assistance and support services to low-income families. HIP also develops new and acquires existing housing for use by HIP Housing's programs or other income-qualified persons in the community.

Pic: 21 Elements.org

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