Most elders, if given a choice, would choose to remain living in their homes for as long as possible, rather than going to an assisted living facility or nursing home. Thanks to today’s technology and advances in home health care, it is possible for the large majority of our elderly loved ones to stay at home, if funds are available to support their needs.
Unfortunately, even modest costs for home care can quickly become prohibitive. Home care can vary greatly, depending on the type of physical or mental impairments, with the high end being $6,000 or more for someone who needs round the clock care from home-care professionals.
When trying to decide if a reverse mortgage is the right funding option for your loved one, consider how long they could reasonably live in their home. If five years at home is a good possibility, a reverse mortgage may make sense. Because of the high fees involved, it can be a very expensive option for someone who only stays in the home for a short period. Remember, that once the last person on the loan spends a year in a nursing home, the loan becomes due.
The best course of action is to make an appointment with your elder law attorney to explore all of the possible options available to your loved one. A reverse mortgage is a serious commitment, and one that may or may not be beneficial to your situation.
