How to Finance In-Home Senior Care

Call Now to Speak with a Care Manager Speak with a Care Manager Now: 616-243-0835

How to Afford Senior Care in Grand Rapids

By Lesa Hardiman, 8:00 am on

When it comes to senior home care in Grand Rapids, not only is there a variety of options for you to choose from, there are also a variety of ways that you can pay for the home care that your aging mother or father needs in order to improve or maintain their overall standard of living. Arm yourself with proper and professional knowledge while looking for a reputable and experienced hourly or 24/7 caregiver for your aging family member.

Insurance

Anyone who has life insurance can change their policy into home care services before they pass. In order to convert the policy, there are two options that policyholders have: viatical settlements, which are for individuals with less than two years of life expectancy, and life settlements, for those with longer life expectancies.

Reverse Mortgages

A reverse mortgage is a loan that senior citizens are allowed to take against the collected equity in their home. Usually, the loan doesn’t have to be paid back until the passing of the last borrower, or until they move out of the home for a complete year.

Home Care Loans

There are also special loans just for senior citizens that are designed to help them pay for home care. These loans are intended to be temporary loans that can be used while your family is waiting for a more long-term solution. Something to take note of with home care loans is that they are expected to be repaid in a single lump sum as opposed to several installment payments.

Senior home care is something that you might have been planning for several years. On the other hand, there’s also the chance that your aging mother or father is in sudden need for affordable and quality home care. Knowing all of your options when it comes to paying for senior care is one of the best ways of finding the exact type of live-in care that your loved one needs to maintain their health as well as their dignity.

If you want to talk about the senior care services provided by the experienced and expertly trained in-home caregivers in Grand Rapids, call Home Care Assistance at 616-243-0835. We would be happy to set up a free consultation to discuss your needs, concerns and your financing options.