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Who are you caring for?
Which best describes their mobility?
How well are they maintaining their hygiene?
How are they managing their medications?
Does their living environment pose any safety concerns?
Fall risks, spoiled food, or other threats to wellbeing
Are they experiencing any memory loss?
Which best describes your loved one's social life?
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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Aid and Attendence is based on care needed not financial help to pay mortgages. The Vet needs to have served during Wartime.
This is such a shame. If Dad dies, she will probably need to sell the house to pay it off. Hopefully they don't owe that much and she will make a profit. The house will have to be sold at Market Value if Medicaid will ever be needed.
If in her late 80s she probably will not be able to keep the house up anyway. Would probably be better to downsize and get herself a nice little apt.
Contact the local County or state office for elder care and ask for references on entities that could help. Back in 2008, there were some nonprofit organizations that also helped. Lighthouse was one, but I don't know if it still does or if there are any in your area (your profile doesn't provide that information).
If you have any authority under a DPOA, you could contact the mortgagee (lender) and ask to speak with someone who can handle potential mortgage defaults. Even if you're not a proxy pursuant to a POA, you can at least call agencies and determine which if any might be of assistance.
A "workout agreement" might be available, but when it was used back in 2008 going forward, for some reason that term wasn't palatable. I don't know what they're called now.
But a workout agreement could restructure the loan, for example, by lowering the payments and extending the termination date. Banks would I think be more sophisticated in handling this kind of arrangement than other commercial companies, such as the fly-by-night lenders.
In the meantime, prepare an inventory of your mother's income, assets, and obligations, as a bank would likely want to see it before making a decision to restructure the loan.
I saw a lot of this restructuring during economic downturns, when I worked for law firms which represented mortgagees (lenders). The flexibility allowed mortgagors (borrowers) to extend the loan maturity date, make payments and keep the property. Mortgages were amended and recorded.
These were all commercial loans though, so a lot more money was involved. I do recall that some banks which lent extensively to individuals adopted similar practices of restructuring the loan terms to help the borrower.
Another benefit for the lender is that the loan remains positive on its "books". Loans in default don't look good on annual reports.
There is an expensive tool that is sometimes appropriate for people who want to stay in their homes as long as possible and don’t mind refinancing or care about making an especially good financial plan.
It is a reverse mortgage.
Just keep in mind that the best case scenario is that the reverse mortgage would financially allow her to stay in the home until all equity is long gone. It is unlikely to support much in the way of caregiving. It only makes the mortgage payments go away.
I haven’t heard of any low income program that will assist with ongoing house payments. Depending on what is available in her area, she, or someone else on her behalf may be able to patch together other government or charitable support. It will involve some effort to see if there are programs for property tax deferment, food stamps, food banks, volunteers that perform handyman tasks, grants for accessibility projects, durable medical supply “closets” and so on.
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.
Aid and Attendence is based on care needed not financial help to pay mortgages. The Vet needs to have served during Wartime.
This is such a shame. If Dad dies, she will probably need to sell the house to pay it off. Hopefully they don't owe that much and she will make a profit. The house will have to be sold at Market Value if Medicaid will ever be needed.
If in her late 80s she probably will not be able to keep the house up anyway. Would probably be better to downsize and get herself a nice little apt.
In general, this is an indication that your parents can't afford the home they are in even with TWO income streams.
Do you have a full picture of their finances?
If you have any authority under a DPOA, you could contact the mortgagee (lender) and ask to speak with someone who can handle potential mortgage defaults. Even if you're not a proxy pursuant to a POA, you can at least call agencies and determine which if any might be of assistance.
A "workout agreement" might be available, but when it was used back in 2008 going forward, for some reason that term wasn't palatable. I don't know what they're called now.
But a workout agreement could restructure the loan, for example, by lowering the payments and extending the termination date. Banks would I think be more sophisticated in handling this kind of arrangement than other commercial companies, such as the fly-by-night lenders.
In the meantime, prepare an inventory of your mother's income, assets, and obligations, as a bank would likely want to see it before making a decision to restructure the loan.
I saw a lot of this restructuring during economic downturns, when I worked for law firms which represented mortgagees (lenders). The flexibility allowed mortgagors (borrowers) to extend the loan maturity date, make payments and keep the property. Mortgages were amended and recorded.
These were all commercial loans though, so a lot more money was involved. I do recall that some banks which lent extensively to individuals adopted similar practices of restructuring the loan terms to help the borrower.
Another benefit for the lender is that the loan remains positive on its "books". Loans in default don't look good on annual reports.
It is a reverse mortgage.
Just keep in mind that the best case scenario is that the reverse mortgage would financially allow her to stay in the home until all equity is long gone. It is unlikely to support much in the way of caregiving. It only makes the mortgage payments go away.
I haven’t heard of any low income program that will assist with ongoing house payments. Depending on what is available in her area, she, or someone else on her behalf may be able to patch together other government or charitable support. It will involve some effort to see if there are programs for property tax deferment, food stamps, food banks, volunteers that perform handyman tasks, grants for accessibility projects, durable medical supply “closets” and so on.