Reverse Mortgage to Pay for Elderly Care

Alzheimer’s & Dementia Care LLC cares deeply about our clients and their families. We are here for you every step of the way through this difficult time.  In addition to providing caring compassionate caregivers, we also provide advice on financial options to pay for in-home care, suggestions for helping your loved ones through this time and always providing the utmost compassionate care giving.

One piece of advice we frequently give is educating people on the benefits of a reverse mortgage.  A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person’s lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title “reverse mortgage”.

At Alzheimer’s & Dementia Care, we understand that for many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan.  A conventional loan really doesn’t free up the equity because the money has to be paid back with interest.

Using a reverse mortgage to pay an in-home care provider such as Alzheimer’s & Dementia Care LLC, to care for an elderly loved one may seem like an odd idea but upon closer examination there are several good reasons to take this approach.

The money the elderly receive from a reverse mortgage is tax free and does not interfere with SSI or Medicare benefits. For those senior homeowners who are having trouble making ends meet, this can be a lifesaver.

Using this extra cash flow to pay for in-home care, adult daycare, prescription drugs, credit card debt, and much-needed home repairs or modifications helps them to live safely and more comfortably.

Many seniors’ homes have been saved from foreclosure by using this method to pay past-due property taxes or to pay off current mortgages that have become unaffordable.

If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for in-home care, adult day care or healthcare expenses – you may want to seriously consider a reverse mortgage.

Qualifications for a reverse mortgage:

  • Must be 62 years old, own and live in the house
  • Must pay homeowners and property taxes and generally maintain the home.

Benefits of a Reverse Mortgage:

  • Proceeds are tax free and can be used in any manner you wish.
  • You still own your home and no loan payments due as long as you reside in the home.
  • Payout options include: cash, credit line, income stream or any combination of those three.
  • Easy to get a reverse mortgage.  No credit requirements, only that the home has equity.

At Alzheimer’s & Dementia Care LLC, we are always here to help you and your loved ones.  Please feel free to contact us today for more information on how we can assist you and your loved ones with compassionate, in-home care.

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