Recently I closed a reverse mortgage loan for a 100 year old gentleman. This was my first time closing a loan for someone of his age. He lives at home with 24 hour care at a cost of $10,000 a month. When I was sitting at the closing table with the client and his lawyer, the lawyer mentioned that that he could move to an assisted living facility at half the cost ($5,000/month).
This gentleman’s quick sharp answer back to everyone? “NO…. I’m staying in my home.”
Deciding whether aging at home, moving in with family, or moving to an assisted living facility is right for you or your loved ones can be very complicated and emotional. Since reverse mortgages can open up opportunity to turn home equity into liquid cash, without having to move or make a mortgage loan payment, seniors and their families are often using this opportunity to pay for care that would otherwise not be covered by basic Medicare, Medicaid or health insurance.
Studies have shown that the benefits of aging in place can be enormous for the right candidate. Not only can a move be both emotionally and physically challenging on a senior, especially one with medical concerns, it’s known that the quality of life tends to increase when seniors maintain their independence and their community ties.
With reverse mortgages being available to homeowners 62 and over, regardless of income or credit, I was honored to have been given the opportunity to help this 100 year old gentleman stay in his home – where he felt the happiest and most comfortable.
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.