Forbes Magazine Discusses Care Giving and Reverse Mortgage

Although the original article that was published in Forbes Magazine on June 16th, is quite lengthy, essentially it discusses the “real” cost to the family who is desperately trying to help their senior parents age in place, but are struggling to maintain their own daily life, such as their profession and their family ( especially if their are younger children living at home), their own expenses and on top of this, they may be using their own retirement funds to cover the costs associated with their parent’s care.

Here is the rest of the article.

Forbes: Reverse Mortgage Can Help With Planning for Aging Parents
Posted ByElizabeth Ecker On June 16, 2015 @ 2:01 pm In News,Reverse Mortgage | No

“Your financial well being and retirement security is often tied to your family, especially your children and parents,” the column notes. “So, what can you do to reduce the impact on your own retirement? First, have a discussion with your parents about a long-term care plan. This might include long-term care insurance, purchasing an annuity to help provide income, considering a reverse mortgage to pay for care, or moving into a continuing care retirement community.”

Whatever the solution, communication is key, Hopkins concludes.

“In some cases, just having the discussion can be an important step to setting up a plan for care in the event that the parent needs help. It is much better to be proactive in this area and have the discussion when the parent is still in good health and mental standing. Far too many people wait until the care is needed and end up scrambling for help.”

I cannot stress enough the value and peace of mind that a Reverse loan can provide in this situation.   Why not use the equity the parent’s have in their home to provide them with the ability to stay in it and remove the burden to their adult children who are doing their best with juggling their own lives and taking care of their parents at the same time?

Costs have come down on the HECM loan and there are many more options available than there were in the past.

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