With thousands of senior consumers needing home health care, there is an opportunity for competent home health care providers who understand the pros and cons of the Reverse Mortgage Program and can explain the program to their clients. Many senior clients may have limited financial resources and be unsure as to how they will pay for needed home health care. By learning about reverse mortgages, you can help your senior clients receive the care they need. In fact, a National Council on Aging study estimated that by using reverse mortgages, seniors could obtain over $900 billion to pay for home health care and other home care services.
Providing a Way to Afford Home Health Care
Many seniors wish to remain at home but may be unable to do so without additional help. A reverse mortgage can be a valuable tool to help seniors age in place. Because the proceeds can be used any way the borrower chooses, reverse mortgages can be used to pay for a variety of home health care services.
- Nursing aide
- Rehabilitation services
- Physical therapy
- Adult day centers
- Housekeeping aid
- Companion services
- Other home care services
Because there are no limitations as to the type of care that can be obtained, proceeds from a reverse mortgage can be used to supplement care paid for by Medicare or to provide additional care not paid for by Medicare. In addition, depending on how the proceeds are managed, a homeowner can obtain a reverse mortgage without affecting Medicaid benefits.
Reverse Mortgage Specialists at Retirement Life Funding can work with you to determine how a reverse mortgage could work for your clients. We can provide you with free, no obligation estimates regarding the specific amount of money available to your clients.
Helping Seniors Remain at Home Longer
For some senior clients to remain comfortably in their homes, they may need home modifications or repairs in order to accommodate their health needs. A reverse mortgage can provide the needed funds for home improvements without monthly repayments. For example, proceeds from a reverse mortgage can be used to:
- Build a roll-in shower with a height adjustable handheld showerhead
- Install an elevated toilet
- Install grab/safety bars
- Build walk-in closets with storage at different heights
- Install sinks with adequate knee clearance
- Lower countertops and cooking surfaces
- Build necessary ramps or an indoor elevator
- Add a bathroom or laundry to the first floor to reduce the need to climb stairs
Home modifications may help your senior clients remain comfortably and independently at home for longer.
The Many Benefits of Reverse Mortgages
A reverse mortgage can offer many benefits to your senior clients that can help them remain comfortably in their homes for as long as they choose.
- No repayment required as long as your client lives in their home
- It is safe – A reverse mortgage is insured by the Federal Government
- Your client is protected in case of housing market declines
- Your client has the option to pay some or all of the reverse mortgage balance at any time without penalty
- Your client retains full ownership of their home
