If you are an Elder Care professional who looks after an individual who lives their own home, and your patient is struggling to age-in-place due to a deficit in their monthly cash flow, a Home Equity Conversion Mortgage (“HECM”) might be the answer. With Lower Cost HECMs, and a long term Tenure or Term disbursement plan (whereby the HECM is paid out like an instalment or annuity over the estimated remaining life of the youngest borrower, or the non-borrowing spouse, which helps preserve equity in the home) a borrower can obtain the necessary funding to help pay for the elder care necessary to stay in their home.
We do not recommend lump sum disbursements in these circumstances. Instead we seek to structure a monthly cash flow payment sufficient to meet the monthly elder care needs. A lower monthly disbursement rate can protect the equity in the home so that should the borrower need to move to a nursing facility, they have an opportunity sell the home and cash out any remaining equity to pay for that facility.
Used thoughtfully, a HECM can help someone struggling with age-in-place costs.
Would you like to learn more?
- Click here for eBrochures, eBooks, FAQs and Videos!
- If you would like to know how much you potentially qualify for, and whether you possibly have adequate monthly cash flow, go to the HECM WIZARD and input your information.
- If you would like to reach out and talk with me, fill out the information on Contact Me or email at st.john.bannon@JMCapGroup.com