One of my tasks included for a very long time working very closely with a financial advisor and an older lawyer. I learned a lot from both. The most important thing I learned is that the long-term care is not just about picking a nursing home or an agency for home care. Long-term care is also about the legal and financial issues, which almost always come up when families are trying to help an aging loved one to take decisions.
Most families can not afford to pay privately for carehome care or in home care for very long. That was not planned for or budgeted for prior to retirement. Planning ahead is gaining in popularity, but also for our older generations, it was not an option for various reasons.
For this reason I try to let me know what are all the financial options for seniors and their families. One of them is something that not many of us to understand pretty well, a reverse mortgage.
Reverse mortgages have received a lot of press lately. NBCNightly News, ABC, CBS .... Do they have all run stories. Of course there are pros and cons to reverse mortgages, but interesting enough to support two great organizations and to support them, need, especially for seniors, long-term care. The National Council on Aging and AARP to support both the use of reverse mortgages in certain circumstances.
A study by the National Council on the Aging (NCOA shows published), that reverse mortgages can be used by more than 13 million Americans pay for long-termCare expenses at home, so that many remain independent and in their homes longer.
The "Use Your Home to stay at home: The development of Reverse Mortgages for Long Term Care" report published by the Centers for Medicare & Medicaid Services and funded by the Robert Wood Johnson Foundation pay, it also shows how reverse mortgages can alleviate the financial pressure not only for individuals and families, but also for state Medicaid programs and the federal government. The increase in the market forreverse mortgages could save Medicaid $ 3.3 billion (with four percent take rate) annually by 2010.
A reverse mortgage is also known as a house converted into equity mortgage. These loans are supported by the federal government (HUD and FHA). To use seniors 62 and older are entitled to the federal program. This is a "non-recourse loan" which means that the heirs of the seniors are responsible for the repayment of the loan. In fact, a reverse mortgage loan that does not have to repay isif the two homeowners (assuming permanently a couple) out of the house or pass away. No monthly payments are required. The senior is the one who will pay.
Finally, the Seniors money from a reverse mortgage will be exempt from the tax, and does not interfere with SSI or Medicare benefits.
As with any financial transaction, there are other things to note, and reverse mortgages are not for everyone.
For the senior, or couple who have difficulty qualifying rounds, this canis a life saver. Some seniors are with the additional cash flow for in-home care, adult day care to pay for prescription drugs, paying off credit card debt, pay for and provide urgently needed home repairs, so they live safely and comfortably.
Find a reverse mortgage specialist in your area, and network with them. They might help you to fully pay for senior care much longer than expected.
For more information visit www.aarp.com, or www.ncoa.orgwww.reversemortgagenation.com.
If you would a free report on the back, such as mortgages, I would send you a. Just email me at valerie@nextgenfinser.com and I will email or mail your report.
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