This time of year is often one of insight for adult children as they travel to visit their elderly parents or loved ones. Of course, these special visits are filled with a sense of joy and love. Catching up, reminiscing about old times, visiting with grand children. But it can also be a time filled with anxiety and worry – especially if aging loved ones are having difficulties in their current home – sometimes more so than previously realized. Questions will arise about their future; questions surrounding their long-term needs and their ability to meet them in the current situation.
In order to better sort through these thoughts, here are a few questions to ponder:
• Are they able to get around by him or herself? Are there stairs in the home?
• Is this person able to take medications without assistance? Is there a health concern that would require more regular supervision, such as Alzheimer’s or Parkinson’s?
• Is your parent able to manage mortgage payments, home-owners insurance payments, and property taxes. Is the home outdated and in need of frequent repairs – such as a furnace, roofing, electricity?
• Where is this home located? Is it in close proximity to relatives, hospitals, etc? Or is it secluded and away from town?
• Is this person lonely? Has he or she suffered the loss of a spouse? Does he or she have a solid social group or close friends?
Based on the answers to these questions, aging in place may be an option. If there are financial strains and they wish to stay in their current home, a traditional reverse mortgage may help alleviate financial worries or even provide funds for in home care. If the current home does not seem to be appropriate long term – whether due to location, stairs, or needed repairs – a reverse mortgage for purchase may allow them to purchase a new home that is more suitable to their needs or closer to family. Both reverse mortgage options are available to seniors 62 and over, with minimal income and credit requirements.
Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, and Front Range areas of Colorado. Click here to contact Jan and learn if reverse mortgage is right for you.