Adeste In-Home Care - Colorado

In-Home Care in Colorado

Financing In Home Care: A Better Option Than Assisted Living

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Something needs to be done with mom. She can’t live on her own anymore. Maybe assisted living is the answer.

Has your world revolved around those statements these past few weeks? Many adult children find themselves in that place where a decision about what to do with mom becomes front and center in your life. And an assisted living facility (ALF) seems like a good choice. Many ALFs are popping up all over town; they appear to be the right choice for so many.

Many adult children say yes to ALFs. And they do so with the right intentions. Assisted living facilities seem to offer:

  • A safe place to live
  • Lots of companionship
  • Less worry for you

That’s win/win, right? Well …

For many adult children who move mom into an ALF, that’s when the real problems begin. Because that’s when you start realizing your assumptions about the place are way off base.

You thought it was a safe place for her to live. But safety is relative. Sure, she might not have a smaller space to navigate, and have a helping hand only a press of a button away. But you’ll quickly find the safety features are limited at best. And if you want something, you’ll pay. And pay and pay – most things are “extras” on their ever-growing a la carte list.

You may have figured mom would be happier with a group of people her own age. But she doesn’t know the people near her. They tend to stay to themselves, locked up tight in their rooms. Some of them have medical conditions that prevent them from taking an active role and getting to know their neighbors. Mom may become lonelier than she was before.

You thought you’d worry less with her in a safe place. Now you worry more. Is she getting the proper care? How much more will you have to pay to get the level of care you desire? Will your mom be forced out as her chronic illness progresses? How long can this go on?

ALFs … they aren’t all they are cracked up to be. In fact, as in home caregivers, we continue with a lot of our patients as their adult children move them from their homes into an assisted living facility. Why?

Because in home caregiving is personalized service. It’s one on one care – something you’ll never get in an ALF.

For a lot of adult children, they discover there is a better way than putting mom into assisted living. In home care allows your mom to stay in the comfort of her home and get the care she needs in a personalized way.

And you can do that easier than you think.

For many, they sell mom’s home to afford assisted living. But what if you could pay for care while mom still lives at home? It’s called a reverse mortgage. For many families, it’s the best of both worlds. It allows mom the care she deserves. It allows you to have peace of mind knowing she’s safe and out of harm’s way.

At this critical point in your family’s lives, it’s essential to gather all the information you need before you make your final choice. If you want a second opinion or to learn from our years of experience in the caregiving industry, give us a call. We’re here for you and your family.

Substantial Changes Coming To The FHA Insured Reverse Mortgage Program in 2015

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As a part of our ongoing service, we consistently look for ideas and resources that impact you as a caregiver, and the people you are providing care for. If you have been considering using a reverse mortgage to help fund your caregiving costs, you’ll be as interested as we were in learning how this product will be impacted under new laws in 2015. We’ve relied on Doni’s expertise before, and we wanted to share this new information with you here today.

Guest Post by Doni Dolfinger

The Department of Housing and Urban Development has announced that the financial assessment for reverse mortgage borrowers will begin with case numbers on or after March 2, 2015.Substantial Changes Coming To The FHA Insured Reverse Mortgage Program in 2015

This means that homeowners that are applying for the reverse mortgage program will have to “qualify” wherein years past the qualification has been rather simple.

Currently the program does not scrutinize credit scores and income but rather equity in the home and the home’s ability to meet FHA guidelines.  With the upcoming changes the days of “almost anyone 62 and over with adequate equity qualifies” is over.

This change will definitely prevent some potential borrowers from qualifying for a program that has been known in the past to “rescue” many older homeowners from financial disaster.  Lenders will soon be required to review credit history, income verification, asset verification, residual income, extenuating circumstances, as well as the willingness and capacity to timely meet obligations, such as paying property taxes and homeowners insurance.

This will definitely cause slowdowns in the loan process as well as cause some homeowners, which may qualify for the program now, to be denied after March 2015.

If you have been considering a reverse mortgage it may be wise to investigate your options sooner than later, while the process is still relatively easy.

If you would like more information on the FHA Insured Reverse Mortgage or the changes that will begin in March of 2015, you may call Doni Dolfinger a Reverse Mortgage Specialist of over 20 years. She works for Universal Lending Corp. and may be reached at (303) 791-4786 or (303) 378-8905.  License # 100017629 or NMLS# 266569. Regulated by the Colorado Division of Real Estate.

Reverse Mortgages – Are They Still The Answer In Today’s Mortgage Crises?

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The news in all the papers and across the television is nothing but bad. The mortgage industry is in one of the biggest crises – what does it mean for our future?

In the case of reverse mortgages, they are still a viable option for some seniors that own their home, yet find themselves running short of cash each month. 

According to the Senior Journal, the very nature of reverse mortgages doesn’t put them in the same category as traditional mortgages. Because you are getting the equity that has already been built up in your home, the new rules in the mortgage industry don’t apply in the same ways. If you have a larger, high valued home, you may be limited to the amount of reverse mortgage you can take. But in most cases, it still may be a solution for you. Check with your mortgage representative for more information.