How Do We Know When Its Time To Ask For Help? Part 2
July 25, 2011 by 50andholding
How Do We Know When Its Time To Ask For Help? Part 2, By Becky Hopkins
With one or more health problems and limited cash, a senior’s options often disappear. If a person is still in home ownership, the property’s value may offer a partial solution, depending upon the person’s age, the type of health issues, and the type of assistance needed. As a starting place, often it is a good idea to explore the options provided by one’s home.
1st Option: Selling the property is the obvious choice, but not always the best, especially if the property is in a good location and has been well maintained. In such a case, selling the property causes the owner to dispose of an appreciable asset.
2nd Option: Another option is property management where the property is used as a rental to produce monthly income. In this scenario and for a reasonable fee, a good property management company will “manage” various aspects of leasing the property
on behalf of the owner.
on behalf of the owner.
3rd Option: If the owner is late 70’s or older* and appears to be able to remain at home for at least a few more years, a reverse mortgage can supply money (non- taxable income) for in-home assistance until a later time when the owner might need to sell the property and move to a senior community. * – Homeowners are eligible for a reverse mortgage at age 62, but about 8-10 years later will produce a larger amount from the mortgage.
A geriatric care manager (aka eldercare manager) can work with a family to determine the best care plan for an individual. This person is generally, but not always, a licensed social worker. A care manager will look at an individual’s financial condition, medical issues, and help the family gather information for making a decision that is in the best interests of an individual.
Most people want to remain in their homes, but for many people this requires advance planning. A homeowner’s refusal to ask for help to plan ahead actually can prevent them from doing what they want to do – remain in their home.
There are times that a refusal to ask for help is an indicator of memory problems or dementia. At such a time, an attorney may be needed to set up a guardianship in order to complete a plan of action and move forward for the individual’s best
Carolyn Ingebritson, SRES, GRI
Your Castle Real Estate
It’s time to organize, downsize and/or move. Please call All About Senior Resources at 303.594.7696 and we will help you achieve your goals. As real estate professionals we specialize in Senior Home Transitions.