Reverse Mortgages Finance Home Care

Reverse Mortgage paid for grandma's home care

Reverse Mortgage pays for grandma’s home care

“Once we realized that we could only relieve the stress on us by contracting 24-hour [at home] nursing care for grandma, a reverse mortgage was the only way to do it.”  Liz wrote me.  Another borrower, Robert, did not want to go to a nursing home, yet he needed long term care.  George, Robert’s son, decided they should do a Reverse Mortgage to pay for the home health care needed to keep Robert at home where he had raised his children.  Robert is happy because he is living where he chooses.  George is happy the family can fulfill Robert’s wishes of staying in his home and still receive the needed care.

Last week I talked with a daughter who said that moving her dad to a nursing home would “kill him,” causing him to die faster than if he stayed in his home.  I constantly hear, “You’re going to drag me out of here (home) in a wooden box.”  “I want to go home, not to a nursing home,” is a common statement children hear from their parents after a hospital stay.”  But the challenge is how to make this happen.

Are you trying to figure out how to keep a loved one at home and have the financing to meet their needs?  Home care can provide the care and a reverse mortgage may be your financing solution.  The reverse mortgage can help seniors stay in their home and receive the care they need whether it’s long term or short term, a couple hours or 24 hours of care.  Just been released from the rehab center Margaret needed a home health care aide to assist her so she could remain in her home as she recuperated.  The reverse mortgage allowed her to hire the home care agency of her choice.

Did you know for seniors 62 and older, by converting the equity of their home into cash with a reverse mortgage…

  • They own home, no one else does.
  • They can stay in Their home as long as it’s their primary residence (in the case of a couple as long as one is still in the home).
  • They won’t lose their home because of a reverse mortgage if they abide by the terms of the loan – they don’t have to make monthly payments.
  • Tax-free money is government insured and guaranteed to be there for them (consult your tax advisor).
  • There is no personal liability to them or their heirs when the loan is repaid as long as they or their heirs are not retaining ownership.
  • They or their heirs get to keep any remaining equity after the loan is paid off.
  • There are no out of pocket costs, income or credit score qualifications for the loan.

Consider this…

  • They can access more funds if their mortgage is currently paid off or has a low balance.
  • Their cash flow improves when their current mortgage or lien payment is eliminated.
  • They’ll have extra cash for whatever they need or want!  For example:
    • Paying for care at home
    • Make home repairs or modifications
    • Cover medical expenses
    • Pay taxes or debts
    • Cover everyday living expenses
    • Strengthen personal and financial independence

Reverse Mortgage pays for Home CareHome care and a reverse mortgage can help fulfill a senior’s wish of staying in their home when some extra help is needed.  Consider the desires of the senior, what are their wishes?  What will make them comfortable and give them peace of mind?  Don’t deny a senior based on your opinion of reverse mortgages.  Don’t let reverse mortgage closing costs scare you, they compare to the costs of conventional loans but with a lot of additional benefits and protections.  If they want to stay in their home, don’t tell them to sell, realize there are solutions right under their roof.

Know the facts about reverse mortgages and work with a lender who has knowledge and expertise in reverse mortgages – it can make a difference for your satisfaction and making your life easier.  I’m proud to have received this statement from Liz whose grandma I assisted with a reverse mortgage:  “We make phone inquiries to 7 different reverse mortgage companies. Beth at Reverse Mortgages SIDAC had the best combination of resources, years in the field, step-by-step explanation of the process, investigating and appraising us of the options, comprehensive written materials sent promptly, advanced sills in communication with us and grandma, and high degree of emotional sensitivity. We were under pressure to have the funds to pay for grandma’s care, so their skillful management of the process proved to be critical. We appreciate Reverse Mortgages SIDAC and would recommend them without reservation.”

© 2009 Beth Paterson, Beth’s Reverse Mortgage Blog, 651-762-9648

This material may be re-posted provided it is re-posted in its entirety without modifications and includes the contact information, copyright information and the following link:  http://wp.me/p4EUZQ-8T

Additional suggested reading:  Be Educated About Your Options of Care and Financing The Care

Blog posts’ information is current as of date post published, program is subject to change in in the future. Contact us for current information, 651-762-9648.

This site or the information provided is not from, or approved by, HUD, FHA, or any US Government or Agency.

35 thoughts on “Reverse Mortgages Finance Home Care

  1. Pingback: Be Educated About Your Options of Care and Financing The Care « Beth's Reverse Mortgage Blog

  2. Pingback: Be Educated About Your Options of Care and Financing The Care « Beth's Reverse Mortgage Blog

  3. Pingback: Having Our Seniors Share their Memories, Dreams and Desires To Receive Security, Independence, Dignity And Control « Beth's Reverse Mortgage Blog

  4. Pingback: Having Our Seniors Share their Memories, Dreams and Desires To Receive Security, Independence, Dignity And Control « Beth's Reverse Mortgage Blog

  5. Pingback: Looking To Relieve Caregiver Stress? A Reverse Mortgage May Be The Answer! « Beth's Reverse Mortgage Blog

  6. Pingback: Looking To Relieve Caregiver Stress? A Reverse Mortgage May Be The Answer! « Beth's Reverse Mortgage Blog

  7. Pingback: Reverse Mortgage Stories To Warm The Heart « Beth's Reverse Mortgage Blog

  8. Pingback: Reverse Mortgage Stories To Warm The Heart « Beth's Reverse Mortgage Blog

  9. Pingback: Irrational Statements Show Ignorance of Reverse Mortgages « Beth's Reverse Mortgage Blog

  10. Pingback: Irrational Statements Show Ignorance of Reverse Mortgages « Beth's Reverse Mortgage Blog

  11. Pingback: Respect for Oneself Increases With A Reverse Mortgage « Beth's Reverse Mortgage Blog

  12. Pingback: Respect for Oneself Increases With A Reverse Mortgage « Beth's Reverse Mortgage Blog

  13. Pingback: They’ll Say Anything To Get A Reverse Mortgage Application « Beth's Reverse Mortgage Blog

  14. Pingback: They’ll Say Anything To Get A Reverse Mortgage Application « Beth's Reverse Mortgage Blog

  15. Pingback: The Impact of A Reverse Mortgage On A Community Spouse « Beth's Reverse Mortgage Blog

  16. Pingback: The Impact of A Reverse Mortgage On A Community Spouse « Beth's Reverse Mortgage Blog

  17. Pingback: Reverse Mortgages Come To The Rescue for Senior Homeowners « Beth's Reverse Mortgage Blog

  18. Pingback: Reverse Mortgages Come To The Rescue for Senior Homeowners « Beth's Reverse Mortgage Blog

  19. Pingback: Food For Thought to fulfill key messages of Social Work Month 2010 « Beth's Reverse Mortgage Blog

  20. Pingback: Food For Thought to fulfill key messages of Social Work Month 2010 « Beth's Reverse Mortgage Blog

  21. Pingback: Reverse Mortgages Equal Independence For Seniors « Beth's Reverse Mortgage Blog

  22. Pingback: Need Home Modifications To Age In Place? A Reverse Mortgage May Help « Beth's Reverse Mortgage Blog

  23. Pingback: Find security, control in retirement « Beth's Reverse Mortgage Blog

  24. Pingback: Reverse Mortgages Give Reasons For Hope « Beth's Reverse Mortgage Blog

  25. Pingback: What Gives You A Sense of Independence? A Reverse Mortgage May Provide You These Freedoms! « Beth's Reverse Mortgage Blog

  26. Pingback: “Our Reverse Mortgage Is Great. Gives Us Some Elbow Room.” And More Testimonies by Reverse Mortgage Borrowers « Beth's Reverse Mortgage Blog

  27. Pingback: Eleven Statements To Listen For Indicating A Reverse Mortgage May Be Beneficial « Beth's Reverse Mortgage Blog

  28. Pingback: Seniors Find Hope and Opportuntiy With Reverse Mortgages « Beth's Reverse Mortgage Blog

  29. Pingback: Reverse Mortgages Provide Independence « Beth's Reverse Mortgage Blog

  30. Pingback: America’s Freedoms and Independence Represented in Fireworks « Beth's Reverse Mortgage Blog

  31. Pingback: You Don’t Need To Have A Mortgage To Do A Reverse Mortgage « Beth's Reverse Mortgage Blog

  32. Pingback: You Need To Know That With A Reverse Mortgage You Remain in Control | Beth's Reverse Mortgage Blog

  33. Pingback: Reverse Mortgage Borrowers Remain in Control | Beth's Reverse Mortgage Blog

  34. Pingback: TV Show Discusses Facts & Uses of Reverse Mortgages | Minnesota Reverse Mortgages SIDAC

Leave a Reply

Your email address will not be published. Required fields are marked *