Refinancing your house to pay for assisted living and memory care can be a great solution for those who need more assistance with their day-to-day activities but are in need of financial assistance. It is important to do your research before entering into a refinance agreement, as the terms can vary greatly depending on the institution, amount borrowed, and other circumstances.
Selling a house to pay for care is an unfortunate but all too common occurrence for elderly individuals, as well as their families. The cost of medical care, assisted living arrangements, and other forms of long-term care can quickly add up, making it difficult—if not impossible—for seniors and their loved ones to manage on their own.
Many seniors are in a situation where they do not have the income or savings to pay for personal care, for home modifications to enable aging in place, or for long term care insurance. However, they do have financial resources tied up in their home ownership. For some of these seniors, a reverse mortgage is a good option. That said, every family’s situation is unique, and in some cases, a reverse mortgage is not the best option.