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Funding Long Term Care Options Part 1

balance scale weighing money and medical costsAs the Baby Boomer generation continues to age, more and more seniors are finding themselves facing a harsh reality: they didn’t adequately plan financially for their later years. Sure they saved enough to retire, pay the bills, and travel. However, there is a potential financial drain waiting towards the end of their lives that they just did not see coming—the need for long term care. Long term care options include how to finance these services.

Perhaps this is where you find yourself now. Maybe your spouse has suffered a debilitating fall and you need a home health aide to assist you in caring for them. Or perhaps you are an adult child placed in the position of caretaker for your ailing parent and know that in-home care is the only way you can take care of them and still continue to work your full-time job. Whatever the case, the fact remains: you need to find a way to pay for the long-term healthcare that the disabled elder in your life needs.

But the question is: how?

 


 

 

 

The Reverse Mortgage

For some seniors, a reverse mortgage represents a viable option for funding long term health care. Now don’t confuse a reverse mortgage for a home equity loan because there is a major difference. While a home equity loan requires you to pay back the cash you receive with interest, a reverse mortgage does not. Basically it allows you to enjoy the value of your home now while still being able to live in it and not make any payments.

And in the case of a senior in need of assistance funding long term care, the cash advance can be a true lifesaver.

Now you’re probably wondering, what’s the catch?

Well, there are a few rules. You must be at least 62 years of age. You also have to own and live in the home as a primary residence. In the event that the home is no longer used as the primary residence–whether because of a move, sale, or death–the loan must be paid back. Never before. At that point, if the sale of your home equals more than you owe on the reverse mortgage, the excess goes to you or your estate in the event of your death.

Scared your home won’t sell for enough to pay off the reverse mortgage? Don’t be. The repayment of your loan can never be greater than the sales price of the home.

It Could Be Your Best Option

If you need help funding long-term care, a reverse mortgage might be the best option available to you, but there are other options out there too. Our advice? Speak to a financial professional about your individual situation and see if it’s the right move for you and your family.

Couples Care: Keeping Relationships Whole

Couples Care: Keeping Relationships Whole
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Selecting an in-home caregiver? Learn why couples care is an affordable solution for families.

In-Home Care Providers: Agency Vs. Independent Contractors

Agency Vs. Independent In-home Care Provider
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Selecting an in-home caregiver? Learn the basics about Agency Vs. Independent Contractors In-Home Care Providers.

Need Help Selecting an In-Home Caregiver?

how to pick an in-home care provider
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Selecting an in-home caregiver? Learn the basics before you choose!

Is it Time for In-Home Care

Is it Time for In-Home Care
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Need a to know when to use In-Home Care? Read our guide "Is it Time for In-Home Care"!

A Family Guide for In-Home Dementia Care

Family Guide for In-Home Dementia Care
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Need a guide for In-home dementia care? Read our family guide for In-home dementia care!

Coming Home From Rehab. Now what?

Coming Home From Rehab. Now what?
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Need to know what to do after coming home from rehab? Read our guide "Coming Home From Rehab. Now what?"!

The Changing Care Needs of Parkinson’s Disease Patients

The Changing Care Needs of Parkinson’s Disease Patients
One guide you might find helpful:

Need to know about the changing care needs of parkinson's disease ? Read our guide "The Changing Care Needs of Parkinson’s Disease Patients"!

Understanding Strokes and Recovery

Understanding Strokes and Recovery
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Need to know about the warning signs of strokes? Read our guide "Understanding Strokes and Recovery"!

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121 Congressional Lane, Suite 201 Rockville, MD 20852
4000 Albermarle St., NW, Suite LL15 Washington D.C., 20016
301-984-7681

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