When it comes to finding assisted care for your loved ones, you naturally want a comfortable place where they will be happy and busy. Senior Living communities today offer a range of services and support systems and are equipped to handle the health and wellbeing of seniors. However, these do come at a cost. If you want to find comfortable assisted living options for your loved one but don’t know the first thing about how to finance it, these tips might get you started.
Consider taking out a bridge loan: A bridge loan is a short-term loan that helps pay for assisted living until your home sells. This is a good option if you are selling the home where your loved one has been living. A bridge loan will be secured to your loved one’s property and has to be paid off within 6 months. Sometimes you might find it difficult to sell the property in time to move to the assisted living facility. This leaves you in no man’s land. In such a scenario, enlist professional help. Senior living relocation specialists help sell properties when residents decide to move to senior living.
Rent the Home: Renting the property where your senior loved one lives is another easy option to finance assisted living. Use the monthly rent to cover the cost of assisted living. A bonus is that you can eliminate all the legwork that goes into flipping the house. This also might make the transition to assisted living easier for your loved one.
Research Veterans’ Programs in your area: A good place to start would be The VA Aid and Attendance Program. This program is instituted by the US Department of Veteran Affairs and offers veterans benefits that help fund assisted living.
Use a life insurance policy: You can make use of a standing life insurance policy by exercising the life settlement clause of the policy. This allows you to take out a lump sum to use for assisted living and care services for seniors. There are no restrictions to how you spend this money and if you use it for care services, it might earn you some tax breaks. However, using a life settlement disqualifies you from availing of Medicaid so factor this into your decision.
