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Are they experiencing any memory loss?
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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.
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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.
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My father is 88 years old and needs 24 in home care but he's about to run out of savings. His house is fully paid for so I'm wondering if this is a good option and if others have good experiences to share.
Birdhouse Most folks say stay away from RM but it depends on your circumstances. The fees are very heavy. The home has to be insured and maintained and taxes paid. Your dad has to qualify. Visit an elder attorney to go over your dads options and see what it takes to get him on Medicaid. State laws are different. You might want to do the math on what three caregivers with 8 hr shifts would run your dad and compare that cost to a memory care facility. There are many posts on this website about the reverse mortgage experience. You can try using the search but it hasn’t been working the last few days. I’m sure you’ll get more answers tomorrow when more folks are online.
Personally, I am not big on reverse mortgages in most situations. In view of his dementia, I gather that you realize his needs will only increase. When I was in this situation, (and like 97yearold says above) I found that a great memory care AL cost less than my Mom's apt in indep. living + live in help! Thinking about her increasing needs, I opted for the memory care and sold her apt. Do you live in his house as well? If so, that may change your view. But when folks run out of savings, it is time to change the living arrangements. Adding property taxes, utilities and even basic upkeep it is often less expensive to have a right sized apt than a full house. I urge you to consider ALL options both care wise and financially.
Birdhouse, back when my own Dad needed around the clock care in Assisted Living, it was my Dad who said SELL. Knowing the equity was safely tucked away in stocks and savings gave him a sense of financial security.
Otherwise the house would have sat empty. Dad would still need to pay real estate taxes.... pay for utilities.... hire someone to mow during the season.... hire someone to shovel snow as the sidewalk was a school bus stop waiting point.... have someone go in weekly to check the house to make sure there were no water leaks and the sump pump was working.... and paying much more for homeowner's insurance since the house was now high risk being vacant [not all insurance companies will renew such insurance].
Plus, one doesn't know how the real estate market would be a year from now. There were times in past history where the houses were worth less then the mortgage :(
Now if the house is one where all the children grew up, I know it would be very tough to sell. But when it comes to Reverse Mortgages, one has to remember it is a "loan" that needs to be paid back, along with interest, and fees. And when Dad passes, the loan becomes due and payable in full.
One has to balance out the pros and cons, and decide what would be best.
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.
Most folks say stay away from RM but it depends on your circumstances.
The fees are very heavy. The home has to be insured and maintained and taxes paid. Your dad has to qualify.
Visit an elder attorney to go over your dads options and see what it takes to get him on Medicaid. State laws are different. You might want to do the math on what three caregivers with 8 hr shifts would run your dad and compare that cost to a memory care facility.
There are many posts on this website about the reverse mortgage experience. You can try using the search but it hasn’t been working the last few days. I’m sure you’ll get more answers tomorrow when more folks are online.
Do you live in his house as well? If so, that may change your view. But when folks run out of savings, it is time to change the living arrangements. Adding property taxes, utilities and even basic upkeep it is often less expensive to have a right sized apt than a full house. I urge you to consider ALL options both care wise and financially.
Otherwise the house would have sat empty. Dad would still need to pay real estate taxes.... pay for utilities.... hire someone to mow during the season.... hire someone to shovel snow as the sidewalk was a school bus stop waiting point.... have someone go in weekly to check the house to make sure there were no water leaks and the sump pump was working.... and paying much more for homeowner's insurance since the house was now high risk being vacant [not all insurance companies will renew such insurance].
Plus, one doesn't know how the real estate market would be a year from now. There were times in past history where the houses were worth less then the mortgage :(
Now if the house is one where all the children grew up, I know it would be very tough to sell. But when it comes to Reverse Mortgages, one has to remember it is a "loan" that needs to be paid back, along with interest, and fees. And when Dad passes, the loan becomes due and payable in full.
One has to balance out the pros and cons, and decide what would be best.