Are you a caregiver, one who is taking care of a loved one?  And as a caregiver are you also balancing your career, family, home and life activities?  Are you stressed from all of this?  Are you overwhelmed at trying to handle everything and find options to help your loved one?

When taking care of your loved one are you wishing you could focus on being the child or spouse instead of paying the bills, managing the budget, preparing the meals, ensuring their needs are met, medicines are taken, managing the household or being the nurse?  Are you trying to finance their needs along with your own?  Are you wishing you could just sit and visit, read to them, go for a walk, go out for a relaxing lunch, or go shopping instead of dealing with everything else?

A reverse mortgage may be the answer to help you.  With a reverse mortgage you can reduce your stress and hire the assistance from a care manager, companion service, home care agency, daily money manager and/or find services to help with the yard and household chores.  With the services you can return to your role of child or spouse and do the things you enjoy doing with your loved one.

A reverse mortgage is a mortgage with special terms for senior homeowners 62 and older that allows seniors to remain in their home with security, independence, dignity and control.  The advantage for seniors is that there are no income or credit score qualifications and there are no monthly payment requirements.  The borrowers keep the title to the home and are responsible for taxes, insurance, and maintaining the home.  Unlike a conventional loan the low-interest accrues, increasing the balance with no payments due until the home is no longer the primary residence of the borrowers.  In addition, the reverse mortgage is a non-recourse loan which means there is no personal liability to the borrowers or their heirs for repayment if they our their heirs are not retaining ownership.  When there is remaining equity at the time of sale the funds go  to the borrowers or their heirs.

The funds can be used for any purpose, whatever the needs or wants of the seniors.  The advantage to you, the caregiver, is that funds would be available to get the services to help your loved one so they can remain in their home and not depend on you and you can enjoy your time with them rather than being the nurse, the money manger, the cook, the yard worker, etc..

Some of the resources available to assist you include:

• A care manager who is a professional such as a social worker or health care professional who can assist you or your family to manage the medical, psychological, and social affairs, through assessments, identifying needs, and then planning, coordinating, and monitoring services and resources to assist you in financial, legal, and housing needs.
• Daily Money Managers can assist with day-to-day finances such as paying bills, balancing they checkbook, sorting the mail.
• Companion and home care services are services provided in one’s home ranging form companion and basic home chores to medical care such as nursing, occupational, speech, or physical therapy and other medical therapies.  Home Health Care providers may hold licences and provide skilled cares which are done by licensed professionals such as a social worker, nurse, or home care aide and can provide personal care and assistance such as activities of daily living like bathing, dressing, grooming, transferring, toileting.  Companion oar personal care assistants provide companionship and supervision but cannot provide personal or nursing care.  Their services are available from minimal hours to 24 hours and live ins.

So stop being so stressed, look into a reveres mortgage to see if it is right for your loved ones to have the funds for their security, independence, dignity and control.  It could be a wonderful present to yourself.

Other Blog articles you may find helpful:

• “Reverse Mortgages Help Celebrate Independence“;
• “Having Our Seniors Share Their Memories, Dreams, and Desires To Receive Security, Independence and Control“;
• “Reverse Mortgages Answers Prayers“;
• “I Want To Stay In My Home – Don’t Tell Me to Sell!“;
• “Reverse Mortgages Finance Home Care“

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

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