Adult Daycare and In-Home Assistance and Reverse Mortgages
If your loved one is not quite ready to sell his or her home or condo and to move into an assisted living center, then options such as adult daycare and in-home assistance may be of interest.
Your loved one may prefer to maintain the sense of independence that comes from retaining his or her home, so the two aforementioned options can provide a new lease on life.
Adult daycare is a good option if you, as caregiver, need to take a break but still want to ensure that your loved one has the proper care. There are 4,000+ adult daycare programs located in the U.S., so you’ll need to conduct some research to find out which ones are in the vicinity.
There are three primary kinds of adult daycare centers – specifically, those that concentrate mostly on social interaction, those that offer medical assistance, and those that focus on meeting the needs of people with Alzheimer’s.
With adult daycare, your loved one maybe able to take advantage of the following benefits:
- The ability to remain in his or her own community
- The ability to socialize
- More structure to daily activities
While adult daycare is a great option, it isn’t cheap, and this can stretch the budgets of those with fixed incomes to the breaking point. According to data from the Genworth 2015 Cost of Care Survey, the national median daily rate is $69 for adult day health care, which provides social and support services in a community-based, protective setting. This amount represents a 5.94% year-over-year increase and five-year annual growth of 2.79%.
Request a FREE Info Packet!
When it comes to in-home assistance, there are lots of services available that can help your loved one to remain in the comfort of his or her home while getting necessary assistance.
For instance, your loved one can get help with things like house cleaning, laundry, waste disposal, cooking, commode and bedpan cleaning, and more.
The Genworth survey adds that the national median hourly rate for homemaker services and home health aide services is $20. For homemaker services, the figure represents a 2.63% year-over-year increase and five-year annual growth of 1.61%. For home health aide services, the number as up a 1.27% year-over-year increase and a 2.79% five-year annual growth.
Using Funds from a Reverse Mortgage to Assist with Costs
Whether it’s adult daycare or in-home assistance, the price tag can be enormous. That’s why a reverse mortgage may make be worth exploring. With a reverse mortgage, your loved one can convert home equity into a stream of income without having to sell his or her home, give up the title to the property, or make monthly mortgage payments.
A reverse mortgage can therefore be a lifesaver if your loved one needs another stream of funds to pay for adult daycare or in-home assistance.
Call us today to learn more about how a reverse mortgage might help your loved one foot the bill for adult daycare or in-house assistance. We’ll help you sort through the options to find the best possible solution.
Learn more about how people are using home equity conversion mortgages for purchasing homes:
Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.