Are you sure you want to exit? Your progress will be lost.
Who are you caring for?
Which best describes their mobility?
How well are they maintaining their hygiene?
How are they managing their medications?
Does their living environment pose any safety concerns?
Fall risks, spoiled food, or other threats to wellbeing
Are they experiencing any memory loss?
Which best describes your loved one's social life?
Acknowledgment of Disclosures and Authorization
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid. We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment. You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
✔
I acknowledge and authorize
✔
I consent to the collection of my consumer health data.*
✔
I consent to the sharing of my consumer health data with qualified home care agencies.*
*If I am consenting on behalf of someone else, I have the proper authorization to do so. By clicking Get My Results, you agree to our Privacy Policy. You also consent to receive calls and texts, which may be autodialed, from us and our customer communities. Your consent is not a condition to using our service. Please visit our Terms of Use. for information about our privacy practices.
Mostly Independent
Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
Remember, this assessment is not a substitute for professional advice.
Share a few details and we will match you to trusted home care in your area:
My mother has a reverse mortgage on the home she inherited from my grandmother. She obtained the reverse mortgage approximately 15 years ago and the amount she currently owes is twice what she received. Each month over $400 is added to the amount she owes on the reverse mortgage for interest, fees, and mortgage insurance. There is no way she will ever be able to pay off the loan and the home four generations of my family have enjoyed will be gone because there is no way any of us can afford to pay off the amount that is owed.
Additionally, the cost of her maintaining homeowners insurance on the property has skyrocketed to the point where it takes 1/5 of her monthly income, leaving little funds for the maintenance the home requires. The reverse mortgage company requires her to maintain homeowners insurance on the home and keep up with the maintenance.
If/when we place her in an ALF she will lose the home due to a lack of residency. If we sell the home and pay back the reverse mortgage it will affect her medicare / Medicaid eligibility.
I, personally, think reverse mortgages are the worst legal scam around. They prey on the poor and elderly. I would wholeheartedly recommend you stay as far away from them as you can. If it is a choice between only a reverse mortgage and a home equity loan, I would strongly urge the home equity loan.
I agree. When my husband and I read the statement from the lender after my MIL died we were shocked at the fees and compounded interest (She had made the decision herself and did not show us the contract). In less than 10 years her previously fully paid for house had more debt than it was worth. We cleaned out the house and offered to give the keys to the lender. For some reason they refused to take the keys and insisted on full payment. MIL had little left beyond keepsakes, so we let them go to foreclosure. They got nothing but the house, which they sold at a loss after 9 months of standing unheated and uncooled. Naturally, there was some deterioration of the interior and growth of mold, etc. What a waste of a once-beautiful 4-square that had been in good condition when she took out the RM.
I would use an elder law attorney or a Licensed Fiduciary to go over things with regarding all assets, and all choices. These things sometimes work out to the detriment for a senior. You see, this is basically a loan (often a high interest one) against the value of the home. There are often stipulations that the person must remain IN the home, and if they leave the home for care in LTC facility they must repay the loan almost at once. This often forces sale of the property. The other way this can go bad for seniors is that it bumps up their income so that they are unable to qualify for medicaid. Say they are getting 2,000 a mo social security and another 2,000 a month from the mortgage loan, they now cannot qualify for medicaid, but neither is this enough to pay for LTC. So you can see the ways in which this can be a problem. For some it works well. It did for my partner's Mom who took one out and was able to remain in her home with some caregivers on a cleaning, cooking, shopping help basis. She was able to die at home. The mortgage was paid after her death and my partner inherited whatever remained. So answer is that it DEPENDS but what you MUST have is a good company with a very reliable and long history, and you must know all the facts, all the positives and all the negatives, and then make the decision that hopefully works for you (or your parent.) I wish you luck. Just a few things to think about.
I personally think that reverse mortgages/home equity loans/equity release schemes are a bad idea in principle. They allow people to maintain a home, or in some cases a lifestyle, beyond their income - right up until the moment when they run out of cash and find themselves living in the same home that they still can't afford, but now without capital assets either.
Is the house you're thinking of remortgaging to pay for care the family home that your parents raised seven children in? And your father is now living there alone?
Ktrojano: Reverse mortgage loans do have to be paid back, of course. Some companies use a television ad with a popular actor attempting to sell the bill of goods. Do your research if you choose this route. It's not as cut and dry as the smooth talking actor portrays. Suggest that you see an elder law attorney.
Reverse mortgages take way too much in fees every month for the privilege of giving a person what they already own. Take a second mortgage instead. It will cost less. Or better still, why not sell the house? Go into senior living instead and have money to hire help where needed. Many senior communities also have memory care and nursing home care right on the premesis if a person gets to a point where they need it.
Exactly - sell the house and have him move into the appropriate level of care. Independent living with a caregiver or maybe assisted living as he obviously needs care.
I just checked into a home equity loan with our lender Wells Fargo to use the $ for a couple of things. We have about $80k in equity in our home. I was told they don’t do those any more & it would have to be a straight up refinance with cash out. Just over $3k in closing fees, a higher APR than we currently have & a higher mortgage payment on a new 30 year loan. No way! I’ll hold out until I can get my husband placed & sell the house. We have good credit & a decent income, so I was shocked it was such a crappy deal from what I considered a “legit” lender.
Hi, I have found that credit unions, mortgage companies, and smaller banks (e.g. regional and local banks) give much better rates and closing costs than Wells Fargo. You don’t have to be a member of the credit union until the day you close on the loan. However if you refinanced during the period of low mortgage rates, getting a loan for that rate is hard to find
Don’t do it!!! do you have a lady bird deed set up on the home? Are you the DPOA of estate? First use up all cash assets, all monies including life insurance. Ya may take a hit on the life insurance. If cashing Life insurance out you can put 12,000 aside to funeral arrangements (you have to create a account with funeral home and set up) and use remaining for the cost of facility. State will want to see you used remaining $ for the facility. when the person has depleted all the cash assets the state will place them on state Medicaid. If the person has a pension and or social security the state will pay the difference in cost. The state can not make you sell the home but you will have to maintain up keep and taxes. if there’s no assets contact your department of health services (DHS) in your area get them on state Medicaid. I am going through same situation but we’re going to sell the home and keep life insurance going. good luck
Proceed very carefully. There may be times when a reverse mortgage may be a good option, but there are also many times when it is not a good option. For one thing, once you take out a reverse mortgage you close out other options. You are betting that the owner will die before the need for a residential care option is needed. The fees (many of them hidden) will quickly use up the equity in the house. My MIL took out a reverse mortgage on her fully paid for house. In less than 10 years she was trapped in a house she could no longer care for but could no longer afford the assisted living option that would have been better for her.
If you decide to proceed with the reverse mortgage, read the contract very carefully and also have a qualified attorney or financial advisor study the contract for hidden fees and holes in the contract that could allow for additional fees. Be aware that most reverse mortgages are nullified if the owner spends more than 30 days not in residence. This means that an extended stay in hospital/rehab or at a relative's house could make the entire note immediately payable.
Reverse mortgages are only good if the owner is a savy investor who knows with the money from a reverse mortgage he/she can gain value in the investment be it stock, real estate, or business venure.
And that the house that has the reverse mortgage will also gain highly in value so that when the house is sold it will easily pay off the RM plus interest/fees.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Additionally, the cost of her maintaining homeowners insurance on the property has skyrocketed to the point where it takes 1/5 of her monthly income, leaving little funds for the maintenance the home requires. The reverse mortgage company requires her to maintain homeowners insurance on the home and keep up with the maintenance.
If/when we place her in an ALF she will lose the home due to a lack of residency. If we sell the home and pay back the reverse mortgage it will affect her medicare / Medicaid eligibility.
I, personally, think reverse mortgages are the worst legal scam around. They prey on the poor and elderly. I would wholeheartedly recommend you stay as far away from them as you can. If it is a choice between only a reverse mortgage and a home equity loan, I would strongly urge the home equity loan.
So you can see the ways in which this can be a problem.
For some it works well. It did for my partner's Mom who took one out and was able to remain in her home with some caregivers on a cleaning, cooking, shopping help basis. She was able to die at home. The mortgage was paid after her death and my partner inherited whatever remained.
So answer is that it DEPENDS but what you MUST have is a good company with a very reliable and long history, and you must know all the facts, all the positives and all the negatives, and then make the decision that hopefully works for you (or your parent.)
I wish you luck. Just a few things to think about.
Is the house you're thinking of remortgaging to pay for care the family home that your parents raised seven children in? And your father is now living there alone?
Take a second mortgage instead. It will cost less. Or better still, why not sell the house? Go into senior living instead and have money to hire help where needed. Many senior communities also have memory care and nursing home care right on the premesis if a person gets to a point where they need it.
do you have a lady bird deed set up on the home? Are you the DPOA of estate?
First use up all cash assets, all monies including life insurance. Ya may take a hit on the life insurance. If cashing Life insurance out you can put 12,000 aside to funeral arrangements (you have to create a account with funeral home and set up) and use remaining for the cost of facility. State will want to see you used remaining $ for the facility.
when the person has depleted all the cash assets the state will place them on state Medicaid. If the person has a pension and or social security the state will pay the difference in cost. The state can not make you sell the home but you will have to maintain up keep and taxes.
if there’s no assets contact your department of health services (DHS) in your area get them on state Medicaid.
I am going through same situation but we’re going to sell the home and keep life insurance going.
good luck
If you decide to proceed with the reverse mortgage, read the contract very carefully and also have a qualified attorney or financial advisor study the contract for hidden fees and holes in the contract that could allow for additional fees. Be aware that most reverse mortgages are nullified if the owner spends more than 30 days not in residence. This means that an extended stay in hospital/rehab or at a relative's house could make the entire note immediately payable.
And that the house that has the reverse mortgage will also gain highly in value so that when the house is sold it will easily pay off the RM plus interest/fees.
It's complicated.
See All Answers