We know that thinking about affordable senior living options can be daunting – but it doesn’t have to be!
If you’re concerned, look into payment assistance options. It’s possible for you to combine different assistance options. At Westwood Inn, we want to make sure that you can meet your own needs, as well as a loved one that will be a resident of our senior living community.
A HECM is a government-backed reverse mortgage that permits seniors to borrow against the amount that they own in their house. This method is beneficial because you don’t have to make payments until they sell their home.
Home equity loans and lines of credit allow someone to borrow against the value of their home, with these reverse mortgages requiring repayment starting when you borrow.
Personal loans work best for one-time expenses, such as a medical procedure. Generally, personal loans aren’t a long-term solution for senior care.
Assisted living and bridge loans are best for the short term and in the event of an emergency. Most applicants receive approval in a day or two.
There are many ways that life insurance can be utilized to cover the costs of senior living, including many settlements, loans, and benefits.
If a senior adult invested in long-term care insurance before turning 60 years old, then this insurance could provide excellent payout benefits.
If you have questions about payment assistance, please contact our team at Westwood Inn. We can navigate this together!