Financing for assisted living is challenging and can look quite impossible. This happens mostly when the person is older and can only trust retirement funds for financing. However, there are different payment options to ensure assisted living expenses are not a burden for your older loved ones.
These tips will help you finance assisted living apartments in Wellington, FL with ease:
Leverage Veteran Benefits
There are a couple of benefits available for a veteran in the United State, one of them is the pension fund. The USA Department of Veteran Affairs gives pension funds to eligible veterans. This sometimes extends to their spouse with a low income.
As long as you are an eligible veteran and the surviving spouse. You can always request benefits to finance your assisted living expenses. Some of these benefits range between $1000 to $2000 in a month.
Fund From Annuity for Long Term Care
This is a contractual agreement between a person and an insurer. It is designed to ensure older adults meet retirement goals and also help with future expenses. Depending on the agreement, annuity varies and each has its pros and cons.
It works by making large payments and the insurance company agrees to disburse payments at a period. They can start paying immediately or at an agreed future date.
Not all older adults use this form of financing however a few uses this as a steady source of income. The income is then used for taking care of expenses like assisted living.
Bridge Loans
With this, your loved ones can use proceed from the home sale to take of assisted living expenses. Short-term bridge loans are different because homeowners have access to funds even when the property is still in the market.
This helps prevent the stress of having to list your property for sale. You can move effortlessly and later handle the sale process with ease. Asides from escaping the sale stress, this loan will finance the moving of your loved ones into an assisted living community.
Later you can offset this loan after your loved ones sell their property. It is a short term and your loved ones won’t be in debt for a long time.
Try Reverse Mortgage
Home is an important asset for financing an assisted living community. There are different options available to your loved ones while leveraging on their home. One of them is a reverse mortgage, specifically for older adults that are more than 62 years.
A reverse mortgage works by borrowing against the value of the home. Your loved ones can receive this fund monthly or a one-time large amount. Although, they must have considerable home equity to qualify for this.
Your loved ones don’t need to bother themselves with any monthly payments. Rather, the loan is due upon the death of the borrower or once the home is sold.
Conclusion
Securing a financing option start by understanding the cost of an assisted living community. You can reach out to communities like Discovery village to have an idea of assisted living costs.
