Tell Your Children About Long Term Care Insurance, Before Its Too Late

In an earlier article, I recall saying that our job of parenting is never finished and I believe that. I also believe that in the children’s adult years, we as parents are continuing to lead the way as we deal with changing issues in the second half of our lives. One of those huge issues is health care in the next 20+ years. As serious a problem as we now have, I can’t imagine how health care will continue to change and how our children will afford to have good health care.

My suggestion to them: long term care insurance.

See, when I first heard of long term care and began to tell my husband, he did what these manly creatures generally do. He disagreed with me. I did what most wives do – I argued back with him. This continued for almost two years until I just wore him
down. I did – and I’m still bragging about that little victory. He finally surrendered, said call the agent, signed the papers and you think that is the end of my story. It isn’t.

With long term care insurance, there is a probationary period during which time, as I understand, one is not eligible for coverage. Our time was 6 months. Well, about 6-1/2 months later, my husband had a massive heart attack; actually, he also went into
cardiac arrest and several days later had triple bypass surgery.

So now, I wonder if he would be eligible for long term care insurance. Probably not but if he could get the insurance, we would no longer be able to afford the premium.

So this is my sermon to most people on the sunny side of 60. If you are extremely wealthy, you have my permission to tune me out. Otherwise, you might want to listen up because this momma gets it. Hopefully, you will also get it — long term care insurance, that is. Make it a part of your pre-retirement and long range retirement planning. As in most things, all long term care insurance is not equal, so do your homework. Don’t just look at the premium. Look at the company’s financial stability and its market share – also compare what you get for what you pay. But – just do it.

Becky Hopkins, Realtor®, SRES, GRI
CENTURY 21 Judge Fite Company

Serving the Dallas/Fort Worth Metroplex

http://www.50andholding.info

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How Do We Know When Its Time To Ask For Help? Part 2

How Do We Know When Its Time To Ask For Help? Part 2, By Becky Hopkins

With one or more health problems and limited cash, a senior’s options often disappear. If a person is still in home ownership, the property’s value may offer a partial solution, depending upon the person’s age, the type of health issues, and the type of assistance needed. As a starting place, often it is a good idea to explore the options provided by one’s home.

1st Option: Selling the property is the obvious choice, but not always the best, especially if the property is in a good location and has been well maintained. In such a case, selling the property causes the owner to dispose of an appreciable asset.

2nd Option: Another option is property management where the property is used as a rental to produce monthly income. In this scenario and for a reasonable fee, a good property management company will “manage” various aspects of leasing the property
on behalf of the owner.

3rd Option: If the owner is late 70’s or older* and appears to be able to remain at home for at least a few more years, a reverse mortgage can supply money (non- taxable income) for in-home assistance until a later time when the owner might need to sell the property and move to a senior community. * – Homeowners are eligible for a reverse mortgage at age 62, but about 8-10 years later will produce a larger amount from the mortgage.

A geriatric care manager (aka eldercare manager) can work with a family to determine the best care plan for an individual. This person is generally, but not always, a licensed social worker. A care manager will look at an individual’s financial condition, medical issues, and help the family gather information for making a decision that is in the best interests of an individual.

Most people want to remain in their homes, but for many people this requires advance planning. A homeowner’s refusal to ask for help to plan ahead actually can prevent them from doing what they want to do – remain in their home.

There are times that a refusal to ask for help is an indicator of memory problems or dementia. At such a time, an attorney may be needed to set up a guardianship in order to complete a plan of action and move forward for the individual’s best
interests.

Becky Hopkins, SRES, GRI
CENTURY 21 Judge Fite Company

http://www.50andholding.info

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Reverse Mortgages Could Help Older Adults Weather Economic Storm

Almost everyone is being effected by the nation’s troubled economy – especially those living on fixed incomes and trying to manage with diminished retirement savings.  What’s more, it is also difficult to acquire credit. Options such as home equity loans or lines of credit that seniors might have used in the past to supplement their finances may no longer be viable options these days.  Even when these types of loans were easier to obtain, the borrower still had to make  monthly payments, and this can be difficult on a fixed income, no matter what the economic environment.

Fortunately, there’s one option that could make sense for homeowners 62 or older and who have paid off or mostly paid off their mortgages:   a reverse mortgage. For most people, homes are their #1 asset.  However, the equity that has been building for years doesn’t provide a ready source of funds to pay things like living expenses and health care cost.  A reverse mortgage allows people the ability to use their equity to fulfill a variety of needs.

Also important during recession times:  A reverse mortgage does not require credit approval, and there are no monthly payments – the loan is not repaid until the last surviving borrower permanently leaves or sells the home.  Of course, this doesn’t mean that a reverse mortgage is free.  There are closing costs, interest accrues on the loan to be paid at the time it becomes due; and the principal amount is also repaid at that time.  And, other fees and cost may apply. Best of all, borrowers continue to own and live in their homes with greater financial flexibility.

Reverse mortgages have allowed many seniors to live a better life.  The key to getting the most out of this financial option is getting all the facts to make an educated decision.  And, you want to do business with a strong and reputable company like MetLife Bank, which is a MetLife company.  Those interested in obtaining more information and a free, no-obligation educational video about reverse mortgages from MetLife Bank can contact Walter Edler at 827-714-3732.

All loans are subject to property approval.  Certain conditions and fees apply.

Article provided by

Walter Edler

Reverse Mortgage Consultant

Mobile:  (817) 714-3732

FAX:     (518) 953-1618

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Making Memories Through Travel

As we returned home recently after  a  long weekend with our kids, I began to think about and treasure the new sights seen, conversations over meals, games, and laughter that will find a place in our album of memories.

We talked of places we have seen over the years and favorite locations.  They talked of experiences in Western Europe, Hawaii, Fiji, and New Zealand, while most of my travel experience has been here in the mainland U.S.  They dream of seeing Turkey and Egypt; I still hope to see Ireland and Scotland.  They talk about doing an Alaskan tour; I want to return to Napa and Santa Barbara and other unvisited parts of the United States.

The thing is — all of these places involve walking.  For some reason, I forget that in spite of cars, planes and trains I have to be able to walk farther than across the room to take the best advantage of those services.  As it turns out, approaching retirement age is not a good time to sit down and wait for the world to come to us.

So the morning after returning home, I renewed my physical fitness pledge and then 6 week later rolled out of bed, put on the walking shoes, and headed for the fitness center and the treadmill.  Maybe I will do that again tomorrow.

Becky Hopkins

www.50andholding.info

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