Power of Attorney questions
Many adult children are facing paying for in home care for one or both of their parents. A Reverse Mortgage is a wise choice letting the homes equity pay for care givers. This method has even been mentioned in the US Gov't Medicare book. No other liens can be placed on the house after the Reverse mortgage is taken out and the house serves as the only collateral which protects any other assets and credit.
I have the experience to guide you in correctly working with your Power of Attorney to obtain a Reverse Mortgage. Usually I find the homeowners adult children have decided that they would prefer keeping their parents in - home, but due to a health condition the parent can no longer be alone. “Aging” in Place has become so common that the National Council on Aging has a booklet on the subject. Click to read. I would be happy to show you the ins and outs of using a Reverse Mortgage for this purpose. To use a Power of Attorney it must have been signed while the homeowner was able to make decisions. Other than that, it will be recorded at the courthouse and the POA must attend the HUD required counseling.
I have the experience to guide you in correctly working with your Power of Attorney to obtain a Reverse Mortgage. Usually I find the homeowners adult children have decided that they would prefer keeping their parents in - home, but due to a health condition the parent can no longer be alone. “Aging” in Place has become so common that the National Council on Aging has a booklet on the subject. Click to read. I would be happy to show you the ins and outs of using a Reverse Mortgage for this purpose. To use a Power of Attorney it must have been signed while the homeowner was able to make decisions. Other than that, it will be recorded at the courthouse and the POA must attend the HUD required counseling.
Aging in place by Amara Grace. Aging in place. It’s a relatively new term for a very old concept: remaining in your own home as you grow older. Once upon a time, this wasn’t an issue. Extended families ensured that someone would be available to look after Grandma should the time come when she needed assistance.
Today, when even nuclear families are something of a novelty, the picture has radically shifted. While many people live healthy, active lives well into their 80s and 90s, and are able to care for themselves in their own homes, others require assistance at some stage due to circumstances such as poor health, an accident, or a similar need that precludes their ability to continue managing independently.
For people who are healthy and want to stay in their own home as they age, a reverse mortgage can be a key vehicle to make this a reality. The first step in generating reverse mortgage leads with this population is determining whether aging in place is in a senior’s best interest.
Here are seven guidelines you can use to help homeowners decide whether aging in place makes sense for them, and if so, whether to explore a reverse mortgage — or whether it would be prudent to consider other housing options. Aging in place can serve a senior well if:
They have sufficient equity in their home to qualify for a reverse mortgage (LTV)
Their health is generally good, and they’re mobile.
They have a network of local family, friends, and neighbors they can rely on.
They drive, and alternate transportation is readily accessible.
They live in a safe neighborhood.
Their home can be modified to address changing needs.
They’re outgoing, well connected, and able to reach out for social support.
But, what if one partner later becomes ill or requires assistance?
How Reverse Mortgages Can Help Seniors Age In Place, Part 2
Whether an older person is considering housing alternatives in the near term, or planning ahead with an eye on possible future needs, it makes good marketing sense for reverse mortgage professionals to become familiar with the range of senior living arrangements available, which will maximize your reverse mortgage marketing efforts.
Over the last decade, the options for senior housing have broadened as the older population has expanded, and more attention and resources have been redirected towards eldercare services.
While most people hope to be able to remain in their own home as they grow older (see How Reverse Mortgages Can Help Seniors Age In Place/Part 1), there may come a time when one partner needs more support. Of course, the good news to share is that, if a couple previously opted to remain in their home and initiated a reverse mortgage, the reverse mortgage will stay in effect as long as one member of the couple continues to live there.
The scope of choices for senior housing and residential care includes:
Villages. The phrase “it takes a village” once applied to raising children; with the explosion of the elder population, it’s the newest concept for the other end of the life spectrum. Villages enable seniors to remain in their own homes with access to specialized programs and services, such as household help or transportation, for an annual fee. Villages are an ideal target market for reverse mortgage leads.
Independent Living: Also known as a retirement community or senior housing, Independent Living refers to a residence in a community of seniors who dwell in small, easy-to-maintain, private apartments or houses within a cluster. The minimum age used to be 62; now “active adult communities” often welcome new residents at 55, when many people are still working. Typically, independent living communities provide assistance with outside maintenance, but no onsite medical care. These residents may also be an excellent resource for reverse mortgage marketing.
Assisted Living: Assisted Living refers to a residential facility for people who need some help with medication reminders or personal care. While there is daily contact with supervisory staff, medical care in an Assisted Living facility is minimal.
Nursing Home (Skilled Nursing Facility): People requiring extensive medical care (such as after a hospitalization) often move into a nursing home. This does not necessarily indicate a permanent decision to leave one’s primary residence, however. One 96-year-old woman needed 24-hour care after she fell and broke her hip, and was placed in a skilled nursing facility after leaving the hospital. When she was able to return home, she hired a full-time attendant. Since her time away from home was under one year, she retained her reverse mortgage with no penalties.
How Reverse Mortgages Can Help Seniors Age In Place, Part 3
Each year, more than 22,000 agencies nationwide provide home care services to over two million people, and as the population ages, these numbers will continue to grow.
Like the senior described in How Reverse Mortgages Can Help Seniors Age In Place/Part 2, who was able to return home after a serious accident because she hired a live-in attendant, a helping hand may be the deciding factor in whether a senior is able to age in place — and thus, whether they’re a reverse mortgage lead.
It’s helpful for reverse mortgage professionals to know what care is available, so you can suggest these options to seniors (or their loved ones) to help them remain at home as they age.
Here are 7 services that can make it easier to age in place:
Homemaker Services – Help with household maintenance: cooking, light cleaning, laundry, grocery shopping, and other household tasks.
Personal Care – Assistance with a variety of daily living activities such as bathing, dressing, grooming and eating.
Companion – From daily telephone calls from a “buddy,” to regular friendly visits.
Health Care – Skilled care that can include nursing visits, as well as speech, occupational, physical, or respiratory therapy. Reverse Mortgage education, information, rates, and face to face service for Birmingham, Hoover, Vestavia, Mountain Brook, Homewood, Chelsea, Montevallo, Pelham, Alabaster, Tuscaloosa, Montgomery, Gardendale, Trussville, Springville, Hanceville, Cullman, Anniston, Gadsden, Decatur, and Huntsville Alabama.
