Most senior Americans would prefer to “age in place” in their own home instead of the ‘other’ options. The high costs of long-term care however, suggest that few seniors can afford to pay these costs for very long. Until recently older homeowners had limited resources for improving their financial situation; they could sell the house, or if they had adequate incomes, they could take could take out a first or second mortgage. A new solution is a Reverse Mortgage.
Reverse Mortgages offer benefits for impaired elders. These funds are quickly available to homeowners so that they can deal with long-term care needs as they arise. The funds can be used for any purpose, such as paying for family caregivers, home modifications, or a care coordinator. The Reverse Mortgage gives consumers considerable flexibility in managing their financial assets over time.
Seniors who are unfamiliar with reverse mortgages often are fearful about taking out this type of loan. The most common concern is that they will lose their home instead of having financial security. Others believe that this financial option is very risky and should only be used by someone who is facing dire financial circumstances. More education will help address these concerns. Many consumers do not understand that the mortgage insurance offers important protections to borrowers who continue to live at home for the long term.
6.1 million Seniors are coping with functional limitations. These are the seniors that would benefit most from reverse mortgages because they are not well served by traditional sources of long-term care financing that target elders with a high level of impairment. Only the sickest seniors may be eligible to receive services through Medicaid programs. Similarly, long-term care insurance policy holders typically must need help with two or more ADL’s to trigger their home care benefits. Thus making it difficult for seniors with limited financial resources and moderate levels of impairment to get timely help before they face a debilitating and costly – crisis.
The reverse mortgage resources could have a significant impact on the well-being of impaired seniors and their families. By having money of their own to pay for home care elders can maintain their dignity, as well as retain some independence and control over their lives. For spouses and other family caregivers, these supports can help reduce the financial, emotional, and physical strain that often comes with caring for impaired elder
For more information, education or free consultation on Reverse Mortgages here is the link. www.blondinreverse.com or contact Your Local Reverse Mortgage Specialist at (941) 400-0962
The team here at Right Accord Health agree fully with the opinion that it is always better stay at home instead of having a senior moved into a home. We provide our services to Sarasota, Bradenton, Longboat Key, Venice and the surrounding areas.
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