Reverse Mortgage – Fund Your Golden Years

8 Ways to Pay for Assisted Living in Denver ColoradoFiguring out how to pay for assisted living can be terrible, but its also unavoidable. A little preparation can go a long way. If you arent prepared to pay out of pocket, then you should probably reach out to our team of local experts who can help you explore in more detail the ways you can pay for Assisted Living.Eight Ways to Pay for Assisted living in DenverAt Stacy's Helping Hand, Inc we advise families with the following eight ways to cover the costs of assisted living in Denver:1.Plan Ahead and BudgetWhile this seems smart, most people do not put the money aside. Life can be hectic and unexpected. For those who are planning on the unexpected well ahead of time might also consider2.Long Term Care Insurance (LTCI)Long term care insurance is for the lucky few people whove prepared and put the money aside for the specific purpose of needing it for long term care in the future. While this is a great benefit to have built-in to your plans, the benefits vary dramatically from one plan to another. Payouts range from $50 to $300 a day and are contingent on meeting certain diagnoses. LCTI may not be an option due to policy requirements, but many people have another form of insurance that can be useful.3.Your Existing Life Insurance PolicyMany life insurance policies allow you to cash-in for accelerated benefits that you can use while you are still alive. Even for plans that dont have this option, you can transfer the plan to another policyholder that will offer cash out option. Your life insurance is like a deferred Annuity that you created a long time ago and forgot about, but if you didnt get life insurance when you were young, you can still get an4.Immediate AnnuityAnnuities can be pretty tricky business. You shouldnt consider one unless you are using the guidance of a financial advisor who is looking out for your best interests. In the case that an annuity isnt an option, many people can still5.Sell, Rent or Reverse Mortgage a HomeMany middle class Americans dont have much retirement savings to speak of, but they do own homes. Home ownership has been an especially valuable source of retirement savings for seniors in the Denver Metro area. As a result of appreciating home values and rising rent, seniors can sell, rent or reverse mortgage their homes to help pay for assisted living. If the need for money is more immediate and assets havent sold yet, people can get a6.Bridge LoanFor those who need cash now, but need time for their valuable assets to sell, such as their home, a bridge loan can help seniors pay for Assisted Living Facilities to fill the gap between when they need cash and when they have cash from their sale. For those who dont have as much cash or income, there are still options such as7.SSI/Medicaid/InnovAgeMedicare and regular Medicaid doesnt cover long term care such as Assisted Living, but if you dont have savings or assets, you can apply for a Home and Community Based Services (HCBS) waiver through Medicaid. In the Denver area, there is an organization that can help people who need Colorado-specific Medicaid through the government-backed non-profit InnovAge. You apply for Medicaid through the InnovAge program, and they handle your case. For more complicated cases or if you want someone to hold your hand through the process, a Medicaid specialist such as a local Colorado company, Helping Hands Consulting is a good idea.The typical Medicaid payout is $700/month but assistance goes as high as $2,250/month and supplements SSI and SSDI. Medicaid wont entirely cover the cost of Assisted Living, but it can make a large dent. Only some assisted living communities will accept Medicaid, and Medicaid beds are usually limited, but either way, seeking professional help throughout the Medicaid process can alleviate the stress and ensure that all the information is provided when the application is submitted.8.VA BenefitsVeterans benefits can be used to pay for residential care in a variety of situations. One set of benefits is available to those with service-related injuries or disabilities; another set of benefits, known as Aid and Attendance, is available to any veteran or surviving spouse whos disabled and whose income is below a certain limit.Receiving Medicaid and VA Benefits can be a tricky and time-consuming process. If you reach out to us today, we can help you navigate these complex systems and find you the right Assisted Living facility for your needs in the Denver Metro area.Finding the best Assisted Living community options for seniors is our specialty. If you have a question about Assisted Living in Denver CO metro area, give us a call at the number above.

Reverse mortgages can be a great way to invest in real estate for potential homebuyers who are 62 years and older. You will be able to borrow against the equity to get credit or a line from a lender to purchase your new home. In some cases repayment is only necessary if you or your heirs sell the property and often there are no monthly payments required on the loan.If youre still on the fence about reverse mortgages, or maybe you feel you just dont have all the information, dont worry. We have outlined a list of pros and cons about reverse mortgages to help you make an informed decision.Pros of Reverse MortgagesMeeting different financial obligations can be tough, especially monthly mortgage payments. The reverse mortgage can help one stay afloat in tough economic conditions. Here are some reverse mortgage pros you should know about.1.     Can Help Secure Retirement for YouA reverse mortgage is a great option for any retirees that may not have a lot of investments or cash savings but have wealth built up in the form of the equity in their home.  A reverse mortgage may be able to help you turn your real estate asset into cash or a line of credit. You can use this to cover your expenses during your retirement period.2.     Can Still Stay at HomeUsually, you have to sell off your home if you want to liquefy the asset, but a reverse mortgage can help you stay in the home and receive cash as well. You dont have to downsize or move out with reverse mortgages. For the elderly, moving can be a nuisance as well, which is why getting to stay at home can be great.3.     Can Pay Off Any Existing Home LoansIn many cases you dont have to completely pay off the home if you want to take out a reverse mortgage on your home. You can use the cash or line of credit you get to pay off any loans you have on the home. This can help you free up monthly money that you can use for other expenses.4.     Protection in Case Balance Is More Than Homes ValueSince it is a loan advance, a reverse mortgage typically only needs to be paid off the loan when you or your heirs decide to sell the property. If the homes value ends up lower than the amount you received through the reverse mortgage, you will be protected. Home prices can fall, or the value of the neighborhood could go down. So in a worst-case scenario, (and in most cases) you dont have to worry about your heirs having to pay off the extra amount at all.Cons of Reverse MortgagesWhile there are numerous benefits to taking out a reverse mortgage, you should also be mindful that there are some cons too. Here are some risks that you should consider carefully before taking out a reverse mortgage.1.     Risk of Losing Home Through ForeclosureOne common requirement of qualifying for a reverse mortgage is that the person applying for a reverse mortgage can afford the homeowners insurance, property taxes, HOA fee, and any other costs that come with owning the house. Homeowners also need to live in the house as a principal residence.Homeowners who dont pay all these expenses or dont live at the property are considered to have an increased risk of losing the home in a foreclosure.2.     Can Impact Other Retirement PlansWhile reverse mortgages are typically not taxed since they dont count as income, they can still impact your access to other government plans such as Supplemental Security Income and Medicaid. You should make sure to discuss this with an expert to ensure your eligibility for these benefits isnt compromised.Should Homeowners Get a Reverse Mortgage?Reverse mortgages arent necessarily for everyone, but they can be incredibly helpful in the right situation. They are great for people whose homes are increasing considerably in value, or you if plan on staying in the home in the long run. You should also be able to cover the general costs for the house, which will require some kind of cash flow.Homeowners should weigh the reverse mortgage pros and cons heavily and consult with professionals before taking one out. Give  yourself more options Find out if a reverse mortgage is right for you.   Maria Casado Mortgage Loan Originator | NMLS #1913708 Reverse Loan Solutions Division of Amerifund Office: (805) 296-1470 Direct: (202) 812-3024 Email: maria.casado@reverseloansolutions.com Website: www.reverseloansolutions.com  

HECM stands for Home Equity Conversion Mortgage. As its name suggests, this type of loan allows the equity in a home to be converted into cash for use by the property owner. In the case of an HECM for purchase, the equity is leveraged to provide a better loan suited for the seniors needs, while also eliminating the need for monthly mortgage payments. There is growing demand for HECM for purchase guides and information in California, primarily because these types of mortgages can be less stressful for the borrower, while also offering other important benefits.If you are looking for more detailed HECM for purchase information, please feel free to get in touch with us. Our staff has years of experience when it comes to reverse mortgage products and services, and they would be happy to answer your questions. You can learn more about the reverse mortgage loan process in California by calling us at 800-791-5626 or contacting us online.How an HECM for Purchase WorksAn HECM for purchase loan is, in short, when a reverse mortgage is used as part of the purchase of a new primary residence. In a typical home buying situation, the buyer purchases the property by making one relatively large down payment, followed by monthly payments for the life of the mortgage. However, when a HECM for purchase is introduced into the equation, it becomes possible to buy a home where the large down payment is covered by the equity built up in another home that is being sold, or from savings and investments that have been accumulated over ones lifetime. In this way, seniors can downsize to a new home more suited to their needs, without needing to make monthly payments on their new home for as long as they live there as their primary residence.For example, the borrower may be interested in purchasing a new home that costs $350,000. For the purchase to be made with a traditional loan, a down payment is required, while the remaining balance is made up of a loan with payments spread out over a certain number of years. If the borrower sells their existing home worth $500,000, and they are left with $250,000 after paying off their mortgage balance, they can use this money as a down payment toward the new home. However, this means that they will need to pay the remaining $100,000 in monthly mortgage payments.In an HECM for purchase, the borrower takes out a reverse mortgage on the property he/she plans to purchase. This HECM can be used as a loan for the remaining $100,000 due on the new home.  This structure can now leave additional money available for other expenses. As a result, they now get to live free of monthly principal and interest mortgage payments whilst also keeping money in their pocket.Benefits of an HECM for PurchaseIn the HECM for purchase example above, there are various benefits for the buyer:First of all, there is no need to worry about making monthly mortgage payments over many years, in order to complete the purchase of the new home. This takes away much of the stress that is usually present when buying property, and it allows for a higher quality of life as a result.Second, ownership of the property remains with the buyer. There is no need to transfer ownership to the lender in an HECM for purchase.Third, the borrower can live in the new home, as long as the regular insurance fees, taxes, and maintenance costs are paid. This is important, particularly for seniors, because once the buyer moves into the new home, there is no risk of disruption or forced transfer away from a friendly neighborhood, as long as these other obligations are met.Finally, this is also good for the children of the senior borrower or borrowers, because their parents have lower monthly expenses and potentially more disposable income, so the parents are less likely to have to depend on their children to make ends meet.Learn More Information on HECM for Purchase ProductsIf you would like to get more information on how an HECM for purchase works and if this type of loan is right for you, please call us at 202-612-3024 or contact us online. We would be happy to help with all of your reverse mortgage loan needs. Give yourself more options Find out if a reverse mortgage is right for you. Office: (805) 296-1470 Direct: (202) 812-3024 Email: maria.casado@reverseloansolutions.com Website: www.reverseloansolutions.com