“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.
- 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
Home 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.”
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Additional suggested reading: Be Educated About Your Options of Care and Financing The Care
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