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.
Financial Options
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!
Our Independent and Assisted Living Community is Happy to Welcome Your Loved One Home in Macomb, MI
It’s important to us that our seniors can live a fulfilling lifestyle as though they never left home. We are here to support our seniors when they need us, not dictate their life choices. Your loved one will still feel active in their community and among their peers.
To see if our senior community is the perfect fit for your family member, schedule a tour by contacting us or filling out the lead form to the right.
*We Welcome Dogs and Cats Up to 25 Pounds
Request Information or Schedule a Tour
We look forward to speaking with you and will call you soon!
