There are so many financial advisors, consultants, and so-called ‘gurus’ admonishing people to do this thing or that in order to make life a little bit easier. Many of these experts admonish people to pay attention to the retirement savings and get started as early as possible. For some seniors, including aging veterans, they may reach a point when they suddenly realize they don’t have enough money to make ends meet or, at the very least, they could never even consider hiring a home care provider because all of the income they get from their retirement, pension, Social Security, or other payments is barely enough to cover their mortgage, rent, utilities, medications, and other basic expenses.
Sometimes, elderly veterans may be tempted to look at a reverse mortgage.
A reverse mortgage is basically a loan in reverse. The individual is provided a monthly payment based on an agreed-upon amount, that they receive from a bank or other financial institution. They receive this monthly payment based on equity that is in their house.
Some of these aging veterans might use a reverse mortgage to pay for home care support when needed.
A home care aide or other home health care provider might be necessary following a hospitalization or just because the elderly veteran is slowing down and having difficulty maintaining their own balance and quality of life. It could be required for only a few weeks, a couple of months, or for long-term care.
These veterans might qualify for the Aid and Attendance Benefit if they’re considered ‘wartime veterans.’
A wartime veteran is any veteran who served at least one day of active duty service during a time of official combat, as defined by Congress. That would include World War II, the Korean War, the Vietnam War, and the Gulf War. If a veteran served any time during the Gulf War, their minimum time of service needs to have been two years, otherwise it’s 90 days.
If a veteran has limited income and assets and can prove that home care is necessary at this point in their life, they might just qualify for some financial assistance for home care services. They may also be eligible to get support for a dependent, such as a spouse or disabled adult child as well.
Before taking out a reverse mortgage or trying to pay for this themselves, if they qualify, this could be a great asset to have.
If you or a family member are in need of home care for an aging veteran in Boca Raton, FL, call the caring professionals at Star Multi Care today at (954) 870-4770. Providing service in Boca Raton, West Palm Beach, Delray Beach, Boynton Beach, Weston, Southwest Ranches, Pembroke Pines, Cooper City, Lighthouse Point, and Wilton Manors.
She gained another 20 year of administrative and marketing experience within the Florida healthcare market before accepting the position with Star Multi Care. Focusing on advocating for seniors has always been her passion and she plans on continuing this quest while working with Star.
Liza spends much of her free time volunteering with advocacy groups.She currently is a Florida Elder Mediator, the Chairman for the Puerto Rican Hispanic Chamber of Commerce, Secretary of the Alzheimers’ Family Center, and sits on the Advisory Council for the Aging and Disability Resource Center of Broward County.
Her family also remains a priority in her life.Ms. Erazo raised her two children while working and pursuing her Bachelors of Science degree in Criminal Justice.She prides herself in the joys her three grandchildren bestow upon her and values the time she spends with them.
“Live as if you were to die tomorrow.Learn as if you were to live forever.” – Mahatma Gandhi
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- Before Taking Out a Reverse Mortgage for Home Care, See If the Veteran Might Qualify for Aid and Attendance - December 13, 2017