As traditional forms of elder care continue to be overshadowed by numerous other options, reverse mortgage is often helping senior individuals stay in their homes while they age. 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 using this opportunity to pay for care that would otherwise not be covered by basic Medicare or Medicaid.
Traditionally, “long term” elder care takes place in a nursing home or assisted living facility. Medicare or Medicaid will often cover these expenses. but there is little public assistance for “in-home care”, although it varies from state to state. As economic woes lend to retirement fears, reverse mortgage is more commonly being utilized for what it can do best, provide security for those most in need and offer a longer-term lifeline without disrupting the lives of the recipients.
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. Benefits include:
- Comfort. We all know the saying “There’s no place like home”, but this is often especially true when a senior has lived in a home for years or has lost a spouse. Uprooting from such familiarity can have drastic affects.
- Community Ties. More often seniors are developing strong community ties well into their retirement years. Family and friends are wonderful for grounding an aging loved one.
- Independence. Remaining independent keeps seniors healthier than ever realized before. It also allows them to continue doing many of the things they have always done and enjoyed.
- Mentality. Our home life strongly impacts how we feel mentally. If a senior stays home to age they are likely to feel much better and happier than one that has been put into a nursing home or assisted care facility.
A reverse mortgage can help seniors 62 and over tap into their home equity regardless of income or credit. For more detailed information on how a reverse mortgage works, click here.
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.