Tag: elder care

Today Show : Part 1 – How To Help Your Aging Parents Find The Best Place To Live

Recently, financial expert, Jean Chatzky, did a three part series on the Today Show called “Taking Care of Mom & Dad”.  Each of these segments specifically touched on real questions adult children have regarding what to expect as their parents age.

The video featured here is Part 1 – How To Help Your Aging Parents Find The Best Place To Live.

Take a few minutes to watch this well done, informative short video.  Find Part 2 here, and Part 3 here

 

Sara Cornwall is a local Reverse Mortgage Advisor serving the entire state of Connecticut. Contact Sara and learn if reverse mortgage is right for you.

Do You Need A Connecticut Elder Law Attorney?

reverse mortgage advisor connecticutElder law is a relatively unknown segment of law and is often overlooked when seeking legal solutions.  But for some older individuals and their families an elder law attorney may be exactly what they need. 

Elder law is very broad and includes things like estate planning, probate, guardianship, real estate, nursing home neglect and a dozen other areas of law that are nearly exclusive to the senior citizens and the elderly. Typically one lawyer will not have expertise in every area, but will instead work with a network of attorneys who can supplement in specific areas when needed and vice versa.  Also, keep in mind just because an individual is older does not mean they need an elder law attorney.  Elder law is focused on legal problems specific to the older demographic.  Concerns with other areas of law may best be handled by attorneys dedicated to those areas.

An elder law attorney should be educated and informed on HECM reverse mortgages.  It is common for them to receive questions from clients, former clients, and their families about reverse mortgage when establishing estate plans or when they are considering a reverse mortgage for the first time.  Although reverse mortgages can be an excellent and safe tool for many homeowners, they are not for everyone and are most effective when used as part of a financial and/or estate plan.  They can also help with avoiding reverse mortgage scams.

Here are a few questions to ask when seeking out a an elder law attorney:

  • How long has the attorney been practicing?
  • What percentage of the attorney’s practice is devoted to elder law?
  • Does his or her practice emphasize a particular area of elder law? (for instance, guardianship or other specific work)
  • How much elder law training has the attorney had, and from what organizations?
  • Is the attorney a member of the National Academy of Elder Law Attorneys?
  • Will the attorney be able to work within your time limitations?
  • In addition to a legal network, an elder law attorney should be familiar with the “elder network”, a network of public and private community resources to assist seniors in various capacities.  This should include a reputable reverse mortgage advisor.

Sara Cornwall is a local Reverse Mortgage Advisor serving the entire state of Connecticut. Contact Sara and learn if reverse mortgage is right for you.

Harvard Study Predicts Surge In 65+ Households

A recent report by the Harvard Joint Center for Housing Studies, Projections and Implications for Housing a Growing Population: Older Adults 2015-2035, it is predicted that by 2035 one in five people will be aged 65 and older while one in three households will be headed by someone of that age and older.

The report included the use of a reverse mortgage as an important financial tool for older Americans in the future and cited it as a source of funds making it feasible to age in place.  The study also analyzed the amount of debt those in the 65+ age group will still have, including existing mortgages.

 “For those with mortgages they cannot afford but who still have substantial home equity, reverse mortgages may make it more financially feasible to age in place,” says the report.

Also discussed in the report was the strong desire older adults have to continue to live their home while they age.  This will require those in the retirement planning community to look at creative options to fulfill the needs of their clients.  Reverse mortgage can fit strategically into many different scenarios.

Reverse mortgage is an individualized, specialized loan for those 62 and older that allow individuals and married couples to tap into the equity of their home while living mortgage and loan payment free.  The funds can be accessed via a lump sum, line of credit, monthly installments, or even to purchase a home.

Sara Cornwall is a local Reverse Mortgage Advisor serving the entire state of Connecticut. Contact Sara and learn if reverse mortgage is right for you.

Are You Prepared to Take Care of Your Parents?

reverse mortgage advisor connecticutThe cost of eldercare in Connecticut is staggering.  And so is the toll it takes on an adult child.  Are you prepared for either?  Or both?

A recent MetLife study estimated that the total cost incurred by the caregiver alone (not including the costs directly related to care) is an average of $324,044.  The financial impact can be similar to having children, but without the planning.  So, how can one prepare for this?  Here are a few suggestions:

1.) Talk with other siblings and relatives.  Have any of them considered this?  Do they have plans or ideas they haven’t shared?  Utilizing networks early on can help alleviate worry down the road.

2.) Talk with mom and dad.  Not always the easiest or most comfortable conversation to have, but a very important one nonetheless.  Find out what they want these upcoming years to look like, and what kind of long term care insurance, pensions, and home equity they may have.  Do they have a retirement planner that has factored any of this?

3.) Look into long term care options and weigh out the costs along with the pros and cons.  Although your parents are your parents, and you love them dearly, you may not be the best option as a caregiver among the many options available today.

4.) Consider a reverse mortgage.  The once frowned upon reverse mortgage program is now being utilized to brighten long term retirement scenarios.  This FHA insured loan not only eliminates mortgage payments but allows the borrower to access the equity in their home via monthly installments, a line of credit, or sometimes even a lump sum.  This is a great option for those wishing to age at home, as the loan does not come due until the last borrower passes away or leaves the home permanently, or if property taxes or homeowners insurance become grossly delinquent.

Reverse mortgage is an individualized, specialized loan for those 62 and older that allows older Americans to tap into the equity of their home while living mortgage and loan payment free.  If you are planning ahead let a reputable reverse mortgage advisor guide you to creatively to suit your needs and desires.

Sara Cornwall is a local Reverse Mortgage Advisor serving the entire state of Connecticut. Contact Sara and learn if reverse mortgage is right for you.