It’s money, just like everyone else in the world today. But with seniors their income is fixed, there are very few options for seniors to increase their income. I remember sitting in the pharmacy waiting for my prescription to be refilled when an elderly gentlemen walked up to get his medications for the month.
My heart went out to him but he didn’t know it. He was bent over slightly and was very neat and clean. He held his check book in his wrinkled trembling hand as he waited for the girl at the counter to blurt out how much he owed.
Ok Mr. Smith that will be $211.13 for today. I wondered how he would pay this amount of money all in one shot. Come to find out he didn’t, he could only afford a few pills from his Rx and a few from his wife’s Rx. And there I sat with my prescription card from my hubby’s work and would only pay $10.00 for my costly monthly meds.
There is one option out there for Mr. and Mrs. Smith. It has been around since 1961 when it got a bad wrap because some seniors were taken advantage of or misled.
Back then the heirs of these seniors had to pay the penalties upon the death of these seniors. The lenders turned to these heirs to repay the loan when the loan amount exceeded the value of their home.
In 1989 the federal government stepped in when President Reagan was in office. Now these heirs are protected from this penalty because HUD (Housing and Urban Development) now has the ability to insure reverse mortgages.
Obtaining a reverse mortgage can be challenging to say the least but it certainly pays off when the paperwork is all done and Mr. and Mrs. Smith are receiving an income from their home equity. They will never lose their home as long as it remains their primary residence.
You know I could go on and on about this little known product to help the seniors and their families but I don’t want to get in too deep here. If all other options have failed to help your elderly parents, then I suggest researching the reverse mortgage.