If you or a senior loved one needs assisted living services, you might be weighing care options. Unlike a nursing home or assisted living facility, in-home care allows one to feel safe and secure within familiar surroundings. Though hiring a caregiver may seem cost-prohibitive, the compassionate team at Visiting Angels in Bay Head, NJ, offers this list of tips to make the transition financially feasible.
3 Ways to Afford In-Home Care
1. Veteran’s Aid & Attendance/Housebound
If you are a U.S. Veteran or a survivor of one, you may be eligible for a pension from the Veteran’s Administration. You may also qualify for financial aid for in-home care. The “Veteran’s Aid & Attendance” benefit will supplement your monthly pension, covering assistance with everyday tasks like cooking and getting dressed. “Housebound” aid is for seniors who must stay home due to a disability.
2. Home Equity Line of Credit
If you didn’t expect to need in-home care, you might not have savings set aside for this expense. Fortunately, seniors can cash in on the value of their property with a home equity line of credit. This loan is similar to a low-interest credit card and is available from five to 25 years. During this time frame, lenders will tell you how much you can afford to borrow and withdraw when the need arises. HELOCs are often paid off in lump sums, usually with proceeds from selling their home.
3. Bridge/Assisted Living Loans
Bridge loans or assisted living loans are designed for individuals with short-term needs, such as seniors awaiting a property sale or receipt of veteran benefits. In most cases, you can secure this assistance in as little as a day. The term for repayment is typically 12 months, and up to six co-applicants are allowed. If you or your family members have stellar credit, this unsecured loan may be a viable option.
Whatever you need to do to afford in-home care, Visiting Angels will help you make the most of life as a senior. For service in Ocean or Monmouth County, contact Visiting Angels of Bay Head at (732) 240-1050 today. This agency’s friendly and compassionate aides provide hourly, daily, or live-in care for seniors in need. You can visit the website now to learn more about their offerings.