Homeowners Turn to Unique Financing Option For an increasingly large number of senior homeowners, reverse mortgages are an attractive financing option that affords them the opportunity to remain in their own homes and receive much-needed funds. A reverse mortgage is an exact replica of a traditional mortgage-in reverse. Instead of repaying a lender, homeowners utilize the equity they have built [...]
By: Christy Pagans When you get the midnight call that a loved one needs assisted living care, what do you do? The obvious, first step is to ensure that they receive the care they need. While arranging for this care, you will undoubtedly have to make some difficult financial decisions, and you may be faced with some unwelcome surprises. Where [...]
By: Commission on Accreditation of Rehabilitation Facilities (CARF) 1. Are there financial deposits for which I am responsible? If so, what is the refund policy if I decide not to move to the community? 2. What types of service contracts or agreements are available in this community? 3. How much is the current entrance fee? Are there plans to increase [...]
By: Douglas E. Godbe, Attorney at Law An executor is the person or corporate fiduciary (trust company) that is appointed under your will to manage your estate after you die. The executor will: offer your will to the court for probate; marshal your assets; file an inventory of your assets with the court; pay all debts, expenses of administration, and [...]
If you love your family, give one last parting gift. Tell them where to find your Will and Trust documents. Better yet, organize your documents! On several occasions, executors have walked into a decedent’s house with no idea of where to find bank statements, life insurance policies, or settlement statements just to name a few. Instead, he/she has found a [...]
In the past, older Americans with life insurance policies they no longer had use for or could not afford to keep had little option but to let the policies lapse or surrender them back to the issuing insurer. However, the emergence of an institutionally funded secondary market for life insurance policies has created a new source of funds for seniors. [...]
By: The Insurance Information Institute The tips below will help you save money wisely, but don’t rely on price alone. MOST IMPORTANT Because you may not collect for decades to come, be sure to buy from a company that has been around for some time and is financially stable. You may want to look up, from an independent rating agency, [...]
By: Michelle Russo - an Administrator at Harlee Manor located in Springfield, PA. Is long term care insurance an option for me? Long term care insurance is purchased by you, to cover medical and nursing services not covered by your current health plan or Medicare. Consider a long term care insurance policy before your health begins to fail and before [...]
The preparation of living wills, powers of attorney, and health care proxies is extremely important for everyone over the age of 18. Dying may not be an issue any of us wants to think about. However, if you have been through one of these cases, you cannot deny the importance of those around you having specific direction on your decisions. [...]
By: Guide to Retirement Living Staff As the older adult population grows and life expectancies continue to increase, more and more Americans face the difficult prospect of having to pay for costly long-term care. One of the ways consumers are answering this challenge is by purchasing long-term care insurance in order to help manage the sometimes overwhelming costs of care. [...]