Senior Living Financing Options for Your Loved One
Are you worried about how your family may need to finance senior living for a loved one?
We know this can be a daunting discussion, but it doesn’t have to be. There are more options today than ever before. We thought it would be helpful to highlight a few options for you below:
Bridge Loans: If your family has decided to sell your loved one’s home to pay for senior living, a bridge loan can help. This is a short-term loan that helps pay for assisted living until the home is sold.
Rent Out the Home: If your loved one isn’t ready to let go of their home, consider renting it. Rental payments can help cover the cost of a senior living community. And, you don’t have to deal with selling the home before transitioning to senior living.
Veterans’ Programs: Veterans who are eligible to receive a VA pension may be eligible to receive benefits to help pay for assisted living. The Aid and Attendance Program is administered by the U.S. Department of Veterans Affairs. You can contact the regional office nearest you for more information.
Life Insurance: You can if you take advantage of what is called a ‘life settlement’. We recommend talking to your current insurance company to understand how this might be an option for you.
Long-Term Care (LTC) Insurance: LTC insurance policies cover people who have chronic conditions or disabilities requiring them to seek help for the basics of daily living. Policies differ but may help pay for care at home, in an assisted living community, or a long-term care center. Consult with a financial professional about your LTC policy details.
We recommend consulting with a financial professional about the details of these options for your family’s circumstances. Even if you think a move to a community for a loved one is a way away, knowing your options now can help you in the future.
If you have more questions or need some local resources, please give us a call at (281) 729-8800 or email us at [email protected]