Reverse Mortgage

Reverse Mortgage

If you’re 62 or older – and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses – you may be considering a reverse mortgage. It’s a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.

Recent Answers

Senior Advisor

There are a few ways of doing this.  I'm not sure if you have friends or family nearby to help.  If you do, I would recommend that they help you with a simple "garage sale".  Have them separate the valuable from the not so valuable.  Garage sales are not for big ticket items.  Furniture, yes... (more)

There are a few ways of doing this.  I'm not sure if you have friends or family nearby to help.  If you do, I would recommend that they help you with a simple "garage sale".  Have them separate the valuable from the not so valuable.  Garage sales are not for big ticket items.  Furniture, yes.  Diamond bracelets... No.  This is the easiest and cheapest.  And you keep all the profits.  There are companies that you can pay to come in and do this. They are called estate sale companies. These type of companies have their advantages and disadvantages.  They are going to take a percentage of the money made, but they will be asking a premium price for the items they sell.  Here is the thing with them... they will do it all.  From organizing to pricing to advertising... everything, that's why it costs you.  Another way I can recommend is going through your church.  The second part of your question about "health care and other advice as we plan to age in the home".  Don't hesitate to ask your questions, that's what were are here for.  

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Private Fiduciary, Trustee,Conservator, Financial Advisor

In some states, you can be paid by Medicaid to provide home care services.  Also, you can be paid by Long Term Care insurance as long as you qualify as a Home Health Aide.  Check with your area agency on aging on Medicaid home care waiver programs.

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Senior Advisor

The answer is not so much a yes or no.  It might be a strong maybe.  There are several ways to get paid as a caregiver. Let me list a few and go into some of them for you... State run programs  Long term care insurance VA Benefits (Aid and Attendance) Drawing up a personal care agreement (Caregiver... (more)

The answer is not so much a yes or no.  It might be a strong maybe.  There are several ways to get paid as a caregiver. Let me list a few and go into some of them for you...

State run programs 

Long term care insurance

VA Benefits (Aid and Attendance)

Drawing up a personal care agreement (Caregiver contracts)

Life settlements

Reverse mortgage

Dependent tax exemptions

State Run Programs - In some states, they have programs that help financially crunched people pay for a caregiver.  In certain circumstances that could even be a family member.  Sometimes these programs have restrictions, waiting lists and remember that this is the government, so funding comes and goes.  To see availability and to see if you might qualify, visit your local Medicaid or aging services department.  In Las Vegas your aging services department can be found at   http://adsd.nv.gov/

LTC Insurance - If your parents a have a policy, contact the company and see how to initiate the policy.

VA Benefits - Please visit one of my articles that I previously wrote about this.   http://caregivinganswers.com/questions/how-do-i-qualify-my-dad-for-va-benefits-and-what-are-those-criterias

Drawing up a personal care agreement (Caregiver contracts) - If your parents have some savings or other assets set aside, they may be willing to work out a caregiver contract to help pay for things.  Please consult with a lawyer to make sure that the contract meets all the right conditions.  You don't want that to come back and haunt you.

Life Settlements - If your parents have a life insurance policy, a portion of it could be used to pay for care.   For more information on items like this visit    http://www.lifecarefunding.com/

Reverse Mortgage - Self explanatory?  If not, visit our icon to better understand.  http://caregivinganswers.com/topics/reverse-mortgage

Dependent tax exemptions - If all fails... and this isn't going to help with money coming in, but look to add your parents on as dependents.

As you can see there are options out there.  Whether or not you qualify for them... is another thing.  

Hope this helps!  

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Senior Specialist

I'm sorry to hear about your father's situation, but there are some options you can explore to help your dad. I have a list of options below that you can research yourself with some website resources. 1) Veteran's Benefits for low income - if your dad served in the military during time of war, was... (more)

I'm sorry to hear about your father's situation, but there are some options you can explore to help your dad. I have a list of options below that you can research yourself with some website resources.

1) Veteran's Benefits for low income - if your dad served in the military during time of war, was honorably discharged and meets certain financial needs then your dad may qualify for some assistance.  http://www.benefits.va.gov/BENEFITS/factsheets.asp#BM3

2) Supplemental Security Income (SSI) - if your dad is disabled and has little or no income than your dad may qualify for SSI benefits. There is a company that specializes in helping individuals with the application and qualification process. There is a fee for this service but is dependent upon getting funds approved. That means you don't have to pay unless you receive benefits. The name of the company is Allsup and you can research their services through their site: http://www.allsup.com/

3) Long Term Care Benefit - if your dad has a life insurance policy and meets certain requirements, then there are companies that will pay lump sum percentage of the value of the policy. The company in turn will be the primary and only beneficiary of the policy.

4) Reverse Mortgage - if your dad is 62 or older and owns a home with some decent equity then there are companies that will pay a lump sum about depending on the value of the home and equity amount.

These are a few options but there may be some more options based on the state you live in. It's best to check with a financial planner who is an expert in your state. I hope this helps.

Admond

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Private Fiduciary, Trustee,Conservator, Financial Advisor

Only if your father served in active duty in the military during time of war (even if he did not fight in the war theater, all he had to be is on active duty for 90 days during time of war) then he may qualify for Aid and Attendance benefits from the Veteran's Administration.  Contact the Veteran's... (more)

Only if your father served in active duty in the military during time of war (even if he did not fight in the war theater, all he had to be is on active duty for 90 days during time of war) then he may qualify for Aid and Attendance benefits from the Veteran's Administration.  Contact the Veteran's Service Officer at your local VA.

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Senior Advisor

I know that most people want to live in their home for as long as one can...  Here are some things to remember about cost, housing, legal and home care.  It sounds like you are leaving your home to your guardian that is taking care of you.  Questions to consider is: Do you have the proper... (more)

I know that most people want to live in their home for as long as one can...  Here are some things to remember about cost, housing, legal and home care.  It sounds like you are leaving your home to your guardian that is taking care of you.  Questions to consider is: Do you have the proper documentation to do this? Do you have a will or trust?  

I don't want to answer the question of selling your home directly because it depends on a few things that I don't know about you and your situation.  I want to provide you information so you can make an educated decision.  Facilities cost money.  The type of facility you choose will also depend on how much that will cost.  There are a limited number of beds (in facilities) that are available for people that have lower income. There are two types of facilities that could take you depending on your conditions and income.  

1) A skilled nursing facility.  Skilled nursing facility (SNF) also known as nursing homes or convalescent home, offers short term rehabilitative care. They provide around the clock long-term medical care to seniors with serious health problems. To qualify for services, the person needing services needs to have been an inpatient at the hospital for 3 nights (stays in the emergency room does not count). Secondly, you will need a physician order to qualify need of services.  How do you pay for a skilled nursing facility?  Services are paid through Medicare, Medicaid, your private health insurance, or out of pocket. Check with your individual insurance plans for coverage. Medicare pays for the first 20 days of stay, afterwards a co-pay is usually required up until the 100th day. When the 100 days are up, the individual is responsible for all costs. Please check with your facility about co-pay costs.

2) An assisted living facility. Senior housing option for those who need a wide range of non-medical in-home support services to help with activities of daily living, coordination of services by outside health providers, and monitoring resident activities to ensure their health and safety.  How do you pay for this type of facility? Payment is monthly and usually paid out of pocket or Long Term Care insurance; but some states have special need based programs that pay for a portion of the monthly fees. Payment is monthly and usually paid out of pocket or Long Term Care insurance; but some states have special need based programs that pay for a portion of the monthly fees. 

My answer to your question will be unsaid... As you can see there could be a need for money to be at either of these facilities.  But here is my thoughts moving forward.  You may not need to go to a facility.  Most of the services needed to remain in your home can be provided there.  

Home Healthcare provides medical services in the patient's residence.  To qualify for this service you must get your doctor’s order and be home bound, which essentially means it is extremely difficult for the senior to get around and out of the house. This service is usually covered by insurance such as Medicare, Medicaid or other private health insurances.

Hospice care is known as end-of-life care, as life expectancy is less than six months. A team of health care professionals and volunteers provides the service. They give medical, psychological, and spiritual support. The goal of the care is to help people who are dying have peace, comfort, and dignity. The caregivers try to control pain and other symptoms so a person can remain as alert and comfortable as possible. Hospice programs also provide services to support a patient's family.  Hospice service is traditionally covered under Medicare Part A.

Should you need money, you can always secure a reverse mortgage on your home.  If you’re 62 or older – and looking for money to pay for healthcare expenses – you may consider a reverse mortgage. It’s a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.


We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Private Fiduciary, Trustee,Conservator, Financial Advisor

Yes, in some states you must list your home for sale and use the proceeds to pay for nursing home care.  In other states, you can keep your home, but no income to maintain it and the State will place a lein on it when you die to pay back Medicaid.   You are well served to contact an elderlaw... (more)

Yes, in some states you must list your home for sale and use the proceeds to pay for nursing home care.  In other states, you can keep your home, but no income to maintain it and the State will place a lein on it when you die to pay back Medicaid.   You are well served to contact an elderlaw attorney in your state, and to have an assessment by a care manager to help you plan your next steps in your life.

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Estate Planning Attorney

In California, you do not have to sell your home to qualify for Medicaid as long as you have an intent to return to the house. However, Medi-Cal (California's Medicaid program) can recover against your estate after you pass, including outing an estate claim against the equity in your home.  You will... (more)

In California, you do not have to sell your home to qualify for Medicaid as long as you have an intent to return to the house. However, Medi-Cal (California's Medicaid program) can recover against your estate after you pass, including outing an estate claim against the equity in your home. 

You will want to speak to an elder law attorney about your state's specific laws and legal ways (such as irrevocable trusts and irrevocable life estates) to protect the home after you pass. 

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.