Tag: age at home

How Reverse Mortgage Helped a 100 year old Man Age at Home

Posted on by janjordan

reverse mortgage colorado fort collins loveland greeley

Awhile back 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, 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 Reverse Mortgage Info for Fort Collins, Loveland, Greeley, and Front Range areas of Colorado.

Reverse Mortgages Helping the Elderly Age at Home

Posted on by janjordan

reverse mortgage colorado fort collins loveland greeleyAs 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.

Jan Jordan Reverse Mortgage Info for Fort Collins, Loveland, Greeley, and Front Range areas of Colorado.