If you or your spouse (living or deceased) are a veteran of the United States armed forces, you may be eligible for certain government assistance programs. Depending on your status, you may be eligible for programs such as Pension, Aid and Attendance, Housebound Allowance, and Survivors Pension.
In addition to government programs, there are also nonprofit organizations that offer various programs and assistance to veterans. We can help you find out if you are eligible for veterans benefits and programs, and also help you apply for them.
If you have been a homeowner for a good portion of your adult life, you have most likely accumulated a substantial amount of equity in your home. Home equity is one of today’s most reliable sources of funds when a homeowner over the age of 60 needs to pay for in-home care, or a spouse’s memory care. Tapping your home equity can provide large amounts of *tax-free loan proceeds. The Home Equity Conversion Mortgage (HECM) is a HUD-insured loan program designed specifically for mature homeowners looking for cash flow and liquidity to pay for care while wanting to avoid taking on a monthly mortgage payment.
If you want to receive the quality of care you deserve, in the safety of your own home, or if you need to access funds to pay for a spouse’s care away from home, we can provide information on this easy-to-qualify government-regulated loan program.
Proprietary “jumbo” equity conversion loans can be an appropriate choice for homeowner needing more money to cover round the clock care, or to free up more cash by paying off a conventional mortgage and ending a monthly mortgage payment obligation. Jumbo conversion mortgages offer significantly higher loan amounts, currently up to $3 million dollars. No monthly loan payments are required as long as loan terms are met.
It is not easy to take care of an Alzheimer patient, and family caregivers are at high risk for depression and worsening health issues of their own. While assisted living and other care homes were a good option in the past, current health concerns are causing most older American’s to rethink how and where they choose to receive care. In-home care allows one to age in their own home where the risk of infectious diseases is far less common. While in-home care can be more expensive, it is the choice many seeking care are making today, to stay safe and independent. If you or a family member are finding it hard to manage on your own, and you are looking for ways to fund the care you or a loved one may need, there are many options available to you. Knowledge is power and we are here to provide complimentary information regarding grants, government assistance, and the prudent use of home equity, when appropriate.
According to current academic research on ways to increase retirement income, pay for in-home care, and prevent retirees from going broke, retirement plans should include a maximum amount a retiree can safely draw each year, typically around 4% of the securities portfolio value. This amount can then be adjusted annually for inflation. It can be difficult to stick to this recommended draw rate when a retiree needs funds to pay for in-home care, or a spouse’s nursing home, memory care home, or assisted living expenses.
Drawing more than the recommended annual amount can substantially increase the chances of running out of money during a 30-year retirement. Setting up an alternate source from which retirees can withdraw funds to pay for care can increase the probability that the investment portfolio will increase during one’s retirement years, instead of being diminished or prematurely depleted.
Several options are available: assistance programs, grants, a home equity line of credit from a bank (HELOC), Home Equity Conversion Mortgage (HECM), a federally-insured program only available to homeowners over the age of 62, and, lastly, jumbo reverse mortgages, with the ability to receive up to $3 million. HELOC’s can be difficult to qualify for if one is living on a fixed-income. HECM and Jumbo Conversion Mortgages make it much easier for older Americans to qualify for the funds they need. Qualification is based on age, equity, and the ability to pay property charges, utilities, home maintenance, etc. The latter two choices, HECM and Jumbo Reverse Mortgages, are designed to be easy to qualify for so that most people in need of care can obtain the funds they need to pay for care. Funds can be used to pay for dementia care, Alzheimer’s care, companionship, in-home care, meal preparation, home repair, and modifications for aging at home, etc. There are no restrictions on how the funds are used. Repayment is due when the last remaining borrower vacates the home or ceases paying their property taxes, homeowner’s insurance, or homeowner’s association dues if required.
HELOC and jumbo reverse mortgage funds can also be used to pay a spouse’s care away from home if that is their choice. Funds are defined as “loan proceeds” by the IRS. Loan proceeds are *non-taxable. *consult a tax advisor
Best Home Care Services provides many services in Sonoma CA which are as follows:
Options to pay for:
With decades of experience helping California seniors pay for the care they need and deserve, we can help you evaluate various ways to achieve your care goals, for yourself or for a family member.
Obtain the Care You Deserve; for your parents, loved ones, spouse, or yourself. From grants to veteran’s benefits to federally-insured or proprietary programs to help you use your home equity, we can help you find a solution to pay for in-home or other care.
