Except for seniors who require long-term care, most are fiercely independent. Many seniors who feel they might be a burden to their family are opting for a reverse mortgage.
With seniors living longer than ever before, and baby boomers dealing with their own financial and senior issues, and possibly having to take on the added responsibility of caring for their older parent if they become ill, many older people would rather take out a reverse mortgage than submit their children to this fate.
According to statistics, approximately 40% of long-term care is paid for by seniors. If there are those who cannot afford to do so, the children are forced to pay for these services. This poses a problem for a senior who wishes to live out his or her life independent of their children. It also raises issues among the children such as who will care for mom or dad, and other sibling issues.
One woman writes, “My parents are 86 and 87 respectively, and both living alone now. If either one or both became ill and needed financial assistance, it seems to me that a reverse mortgage is a viable alternative in these difficult economic times. My sister and I agree that we would never put them into a nursing home. Their independence is crucial to their mindset and way of life. To deny them that independence would be cruel. At the same time, though, we need to worry about our own families, college, and making ends meet. A reverse mortgage, when done correctly, can make all that possible.”
Reverse mortgages alleviate the burden felt by seniors and their children. Imagine living in a home most of your adult life, and then suddenly becoming ill and discovering that you cannot afford to pay the bills or other expenses associated with home ownership any longer.
One of the things some of us fear, and seniors in particular, is change. Our parents usually have a schedule they live by. They receive their monthly social security and pension checks and try to stick to their budgets. They treasure every moment of life in ways only they can appreciate. But any bump in the road financially can threaten all that.
They ask for nothing other than being allowed to live out their lives in comfort and financial stability. However, if they become ill and cannot afford medical expenses or prescription drugs, their world can turn topsy-turvy.
A reverse mortgage can free their minds from worry, since it will help them secure day to day living expense. However, it is good to check out the latest options first before pinning your hopes on a reverse mortgage as the solution to your difficult problems. Given the current economic climate, the credit crunch is affecting even this area of the market.
However, if your parents or grandparents are struggling to make ends meet, it is an alternative that is well worth investigating.