Most Long-Term Healthcare Services are Received at Home…
Aging in place is becoming a more prominent alternative to seniors who are retired or retiring in the future, especially considering their choices when it comes to receiving long-term healthcare services.
According to an article published by Reverse Mortgage Daily, which cites an report conducted by the CDC’s National Center for Health Statistics, 56% of the 8.4 million older Americans who received healthcare services received them at home.
If this is an indication to the current state of long term healthcare then older Americans will need to secure more stable methods of income in order to continue aging in place and receive adequate home-care services.
One of the benefits of the reverse mortgage loan is that, aside from allowing homeowners to age in place, they are also able to make any home modifications or improvements to the home for current or future use.
The Center for Disease Control states in the article:
“[C]onsumers’ desire to stay in their own homes, and federal and state policy developments..have led to a growth in a variety of home–and community–based alternatives.”
In some cases, though it has yet to be determined with certainty by HUD, making the necessary home improvements in order to age in place comfortably may count as a mandatory financial obligation for which funds can be disbursed at the closing of the reverse mortgage loan.
In any case, a reverse mortgage may be a helpful alternative for many families, especially considering that, while most long-term care services are paid for by Medicaid and Medicare, some individuals (or their families) still have to pay some services out of pocket.
The report ends with:
“Finding a way to pay for long-term care services is a growing concern for older adults, persons with disabilities, and their families, and is a major cahallenge facing state and federal governments.”
And hopefully a solution is found soon, regardless of which route a future retiree decides to take. If home based health care is becoming the majority, senior homeowners should have access to programs and services that are, not only beneficial, but affordable as well.
Be aware that while you cannot lose your home under normal circumstances, foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan terms.
At PS Financial Services, a reverse mortgage company in Florida, we specialize in reverse mortgages, offering our clients service they can count on. If you think a reverse mortgage loan is right for you or have any questions, give us a call at (888) 845-6630 or email us at info@PSReverseMortgage.com. We do not pressure those who inquire, we’re simply here to help.