HOW REVERSE MORTGAGES HELP SENIORS AGE IN PLACE
Having helped hunderds of families, one theme that comes up time and time again is that seniors what to live in the homes for the rest of their lives. And it makes sense. Most seniors are most comfortable in their homes, their memories are in their homes, and very few want to go to the nursing home!
But there are challenges that come with aging in place. As we age oftentimes our health declines to the point where we need help to stay at home. That help might be a nurse who helps with daily care or a wheelchair ramp. This is what keeps seniors in their homes and out of the nursing home.
There is a big problem, however. This sort of help is expensive! Many seniors(and their families) don't have the funds needed to pay for this necessary and expensive help. And that's where a reverse mortgage comes in.
The majority of our clients come to us because they need financial help to stay in their homes. Maybe the senior needs a walk in tub, or their kids might realize that a part time nurse is a necessity. The most common need we come across is a senior who is already getting in home care, but the money is running out.
And when the money runs out the nursing home is often the only solution.
Here's a quick example of how a reverse mortgage helps seniors in this situation.
Janet and Marie have a 93 year old mother who needed in home care to keep her in her house. And she desperately wanted to stay there. But the money had run out, and the daughter have too many expenses of their own to help. Working together, we helped mom get a reverse mortgage with the sole purpose of paying for her in home care. Now, mom has enough money to pay for care for the rest of her life. She is financially comfortable; her daughters are relieved and she is elated.
Reverse mortgages are wonderful tools to allow seniors to stay in their homes. If you have a friend, family member or client who needs help feel free to reach out to us here.