Over 15 million Americans are spending 20 or more hours per week caring for a parent on top of working full time and taking care of their own immediate families.
A recent study found that caregivers lose an average of $659,000 in wages, Social Security and pension contributions over a lifetime. About half of those caregivers also cover many out-of-pocket expenses for their parents, such as paying for medications or buying groceries, for an average of $2,400 per year. The demanding schedule and financial strain can leave middle age boomers feeling angry, frustrated and very stressed out. In the past, many families would sell their parents home and use those proceeds to pay for their parent’s care in a senior living community or nursing facility. In recent years however, new programs, services, and technology are helping people stay in their homes longer so they can be closer to friends and family. Without selling the parents home, many caregivers are supporting their parents at the expense of their own financial situation.
A reverse mortgage can be the answer to many families faced with this situation. A reverse mortgage will eliminate your parent’s monthly mortgage payment* (if there is one) allowing them to stay in their home for the rest of their life without worry. It also provides a lump sum or monthly cash payment that could cover prescriptions, groceries or in home medical care. This not only helps the senior, but the caregiver as well. Having the financial means to provide and hire outside help can mean less stress, more sleep and a better family dynamic overall.
If you’d like to talk with a mortgage expert today to find out how we can help your family, give us a call at 1-800-401-8114.
* Homeowners are responsible for taxes, insurance and maintenance.