FINANCIAL RESOURCES FOR SENIORS

If you are currently exploring the idea of moving into a residential care home or community, you are likely at a point where you are no longer able to care for yourself in a safe and comfortable way, or your current caregiver is unable to provide the level of care that you deserve. One of the biggest concerns that you and your loved ones may have during this process is the cost associated with this transition. We understand that the cost of senior care continues to rise but there are not many options for financial assistance. However, there are some solutions available that may assist you. You can visit our partner Elderlife Financial at www.elderlifefinancial.com.

Bridge Loans

When it is time to transition to a residential care home or community, it is not uncommon for seniors to require a larger sum of funds to make the move. If you need immediate funds but are not ready to sell your home or other assets before moving, there are bridge loans available that act as a line of credit. The line of credit can be tapped as you need it, and you can pay it back at a later date in the future once you have had the time to get your finances in order. This option allows you to take your time, consider your options carefully, and not be forced to sell your home or other assets in a rush.

Sale of Property

One of your most valuable assets is likely to be your residence or other property. If you are ready to transition to a care home or community, you may want to sell your property to help pay for the cost of assisted living. Whether you want to sell your home and move to a community or keep it in the family, Elderlife’s real estate team can help you understand your options and learn how to best use the equity in your home, including help paying for care, funding repairs, and using the home as a long-term investment. Our real estate team is committed to understanding your needs and assisting you in finding the perfect realtor.

Elderlife has built a nationwide network of real estate specialists that stand apart from traditional realtors. The realtors in the Elderlife network have extensive experience working with seniors and their families to assist with the unique challenges that seniors and their families face when transitioning to a care home or community. Elderlife’s real estate team will stay in direct contact with your Real Estate Specialist until your home is sold to ensure that you and your family obtain the best market price as quickly as possible.

Are you trying to help a senior move from out of town? Or maybe you are not familiar with the area or local resources needed to help repair, clean, and sell the house. From packing, moving, and estate sales, Elderlife’s real estate specialists are ready to assist with access to local providers to help facilitate every step in the home sale process. Working with Elderlife allows immediate access to funds to help you move before your home sells. The Elderlife Bridge Loan helps you get the care and lifestyle you deserve while you wait to find the right buyer.

VA Benefits

Did you know that the U.S Department of Veterans Affairs provides a pension to veterans, with additional benefits that help pay for senior care? If you or your loved one are a veteran or the spouse of a veteran, the VA Pension and the Aid and Attendance benefit may be available to you.

If an application for the pension is filed correctly, you or your loved one may be entitled to thousands of dollars in a monthly benefit. If your claim is approved by the VA, you may receive a lump sum retroactively to your intent to file (VA Form 21-0966) date, so you should apply as soon as you know you are likely to qualify. The sooner you apply, the sooner you may receive your benefit to help offset your ongoing care costs.

However, the application process is complicated and can take months to be approved and claim amounts to be paid. Additionally, an incorrect application could disqualify you or your loved one and/or delay the process even further.

Accredited VA agents can help! VA agents are accredited directly by the Department of Veterans Affairs to provide guidance and assistance with the claims process. Speaking with an accredited agent before you apply is highly recommended.

Elderlife has built a nationwide network of VA agents with the knowledge and experience to simplify the claims process. Please note that Elderlife does not offer advice regarding your specific VA claim but can connect you with accredited VA agents. An accredited VA agent can assist you with application guidance and maximum benefit qualification at no charge to you. Please note that any additional paid services and any associated fee schedules offered by VA agents are disclosed upfront.

Access the maximum VA pension with the Aid and Attendance Benefit available to you or your loved one with the help of Elderlife’s network of accredited VA agents. And, you can pay for senior living with the Elderlife Bridge Loan while you’re waiting for your VA benefit to be processed!

Reverse Mortgage

Oftentimes only one spouse needs to move to assisted living or memory care and the other spouse remains at home. For some families, home care is a more appealing option than moving into a community. If you or your loved one fall into one of these categories, Elderlife can help you use your home to provide ongoing income to pay for care.

If at least one home-owner is staying in the home, and this person is at least 62 years old, you may be able to use a reverse mortgage to pay for care. Reverse mortgages can provide funds to pay for care, as well as other costs and living expenses. A reverse mortgage can also eliminate mortgage payments or consolidate other debts, allowing you to redirect funds towards needed care and services.

Since the mid-2000s, rules, and regulations surrounding reverse mortgage lending have greatly improved. This option is safer and more secure than ever, and many seniors find it a great fit for their needs. Application and approval can take up to 90 days from start to finish, and a carefully structured process ensures the senior and/or family is completely informed before making any decisions.

Consumer education requirements include receiving information and HUD-approved financial counseling. Elderlife works with trusted, licensed reverse mortgage partners and only refers families to government-approved programs. These knowledgeable experts can walk you through the required procedures to determine if a reverse mortgage is a right option for you.

Life Insurance Conversion and Benefits

Did you know that your life insurance policy is a liquid asset that can be sold for cash? Insurance companies continue to increase monthly premiums as a policyholder age, causing many seniors to struggle to pay their monthly premiums. When faced with unaffordable monthly premiums, most times seniors will allow their policy to lapse without receiving any return for their years of payments.

Seniors who have a life insurance policy with a face value of $50,000 or greater can use the policy to pay for care. The policy type can be a term, whole life, or hybrid. If you meet the required eligibility criteria, your policy may be able to be sold for up to 70% of its death benefit value.

Every senior deserves the opportunity to find out how much his or her life insurance policy is worth it. You or your loved one may have paid insurance policy premiums for decades, so make sure that you get the most out of them!