Page 67

19434PA

Assisted Living Facilities Nursing Homes Home Care Agencies Reverse mortgages were originally designed as a tool for allowing aging, low-income homeowners to keep their homes by providing a source of additional monthly income to meet expenses. Many insurance companies market reverse mortgages to seniors to use the equity they have in their home to help pay for LTC at home. The idea is that most people would rather stay in their home and receive home care instead of being institutionalized for their LTC needs. A reverse mortgage can help turn the equity from your home into cash you need, and unlike a home equity loan, you don’t have to pay back the money as long as you remain in your home. How They Work Reverse mortgages are not repaid until the last living borrower dies, sells the home or permanently moves away, at which point the loan, including interest and other fees, becomes due. Because you make no monthly payments, the amount owed grows larger over time, while the amount of cash left after selling and paying off the loan generally grows smaller. But you can never owe more than your home’s value at the time the loan is repaid. Since reverse mortgage borrowers continue to own their homes, they must pay for property taxes, insurance and repairs. If they don’t, the full loan may become due. Who Is Eligible? Borrowers must usually be at least 62 years old and list the home as a principal residence. All owners of the home, whether they are residents or family members, must sign the loan papers. VETERANS Assisted Living Facilities Nursing Homes Home Care Agencies • Veterans DO pay for the above types of care if you meet certain criteria All Veterans enrolled in VA’s health care system are eligible for home and community based long-term care services. A series of clinical indicators and conditions help VA staff identify the need for these services. Specific eligibility and admission criteria are unique to each venue of nursing home care: Under the Millennium Health Care Act, 1999, VA must pay for nursing home care for Veterans who require nursing home care and meet the following criteria: • A Veteran who has a service-connected disability rating of 70 percent or more  • A Veteran who needs nursing home care for a service connected disability  • A Veteran who is rated 60 percent serviceconnected and is either unemployable or has an official rating of “permanent and total disabled” • Non-service connected Veterans and those officially referred to as “zero percent, noncompensable, service connected” • Veterans who require nursing home care for any non-service connected disability and who meet income and asset criteria are eligible for VA CLC care on a resource available basis MORE INFO ONLINE: POLKELDERCARE.COM More on Paying for Long Term Care: • Learn the Legal and Financial Issues of LTC • Is a Reverse Mortgage Right for You? • Special Florida Program for LTC Insurance www.PolkElderCare.com 67


19434PA
To see the actual publication please follow the link above