For many Americans, their house is their greatest asset. They’ve spent years working to build the equity in their home and, at a certain point, it may become time to put that equity to work. Often, savings, Social Security and pensions can’t keep up with the increasing cost of living and living longer. NRMLA President and CEO Peter Bell states, “If you consider that the typical retiree household might have one or two incomes from Social Security, a modest pension and/or limited income from low-yielding fixed-income instruments, and, perhaps, a diminished 401(k) account, then home equity becomes their greatest asset and an important resource for funding their future.”

According to the Bipartisan Policy Center2, more than 70% of Americans 65 and over will require help with bathing, food preparation, dressing and medication management; whether it’s a home health aide, community-based day care or nursing facility, long-term service costs can drain retirement savings.  A recent AARP3 survey found that 3 in 4 adults age 50 and older want to stay in their homes as they age, but only 46% anticipate being able to do so. That’s where home equity solutions can help.

The Home Equity Conversion Mortgage (HECM) loan is a viable tool in retirement planning. HECM loans are government-insured and have several important requirements borrowers must meet to qualify:

• They must be at least 62 years old
• They must own your home
• The home must be their primary residence

Retirees often need access to additional funds to supplement health insurance in order to cover expenses like in-home care. Many incorrectly believe that medical insurance will cover in-home or long-term care. A HECM can be the solution for retirees hoping to age in place, in the comfort of their home. Because no two situations are alike, there are several different types of HECM loans available to meet individual needs. Proceeds can be taken in a lump sum, established as a growing line of credit, received as fixed monthly payments, or a combination of these.

There are many features of HECM loans that can help those who are looking for an income supplement for a better retirement. Here are just a few!

• No monthly mortgage payments so long as the borrower continues to pay property taxes homeowner’s insurance, and home maintenance costs
• Tax-free loan proceeds can be used to cover expenses like health care or home modifications
• Staying in the home they love

You cannot lose your home under normal circumstances and so long as you pay your property taxes, homeowner’s insurance, maintenance costs and otherwise comply with the loan terms.

For full disclosure visit
www.americanadvisorsgroup.com/disclosure.

Article Provided By:
American Advisors Group (AAG)
503-396-6333
www.AAG.com

Providing care for a loved one can become quite grueling for both the family caregiver and the patient. Caregivers may find themselves feeling burned out from the stress of consistent assistance, often falling into troubling sleeping patterns and neglecting their own self-care. Respite Care provides a mutually beneficial third party resource for caregiver and patient, in which additional short-term assistance is made available in forms such as adult day centers, in-home care and counseling services, or as recovery from a hospital stay.  It’s clear that a family caregiver is only as effective as his or her own self-health, and as the emotional weight of an aging loved one persists, taking a break to relax and recalibrate becomes invaluable.

Where to Find Respite Care?

Short term stays at assisted living or nursing facilities, along with additional information including webinars and Medicaid/Medicare assistance can be found at the ARCH National Respite Network’s Respite Locator: https://archrespite.org/us-map. By simply entering the age of the patient, along with the State, Zip Code, and preferred mile radius, you will find plenty of Respite options at your fingertips.

What does Respite Care Provide?

Respite care amenities may vary by community but will typically provide 24-hour supervision, bathing assistance, meals, and medication management. This resource can be for an afternoon or up to a couple weeks.

What are the benefits of Respite Care?

Respite care provides the necessary perspective into the reality of a caregiving situation. The emotional and physical toll of caring for a loved one can never be overlooked. Maintaining a special connection against the persistence of relentless dementia is profoundly draining. As a caregiver finds their own lives changing and slipping away from them, the quality of care often dwindles, as exhaustion and frustration can start to damage this relationship in the last couple years they have together.

Access to Respite as a temporary resource allows the caregiver to simply get back to their own lives for some time. From simple sleep and relaxation to going out with friends or running errands, this bit of freedom is a way to recharge the batteries and reassess the balance necessary to maintain their own self-health.

It’s hard to acknowledge that family caregiving is often a necessary undertaking in which all parties involved wished it wasn’t necessary. Respite provides a valuable outlet for the guilt a caregiver is prone to feel when they stop and think about themselves in these troubling times. The assistance of Respite care can assure that the threshold of caregiving remains an active task to help a loved one in their final years, as opposed to a burden.

Article Provided By:
Retirement Connection
www.RetirementConnection.com

Starting the downsizing process well in advance of a move or de-cluttering your home early can save time, headaches, stress, and dollars later. Do you really need that much stuff in your home?  More stuff equals more stress. More clutter equals more dust.  Getting rid of the excess stuff and clutter can make your house easier to clean, create a healthier environment for you, and save you money on costs. Do you have a storage unit? Why? When is the last time you took anything out?

Before we talk bucket list, let’s talk about why we keep things too long.  The most common reasons are:

But I have to keep it…..

1. It is a family heirloom

2.  It was given to me as a gift

3. I might need it someday

4. I paid a lot of money for it

All very valid.  Give it to another family member who may even cherish the treasure more.  Give it as a gift to a charity. Now pick a room to start in! Begin in one corner and go clockwise around the room (or counter-clockwise, whichever keeps you going).  Look in every nook, cranny, and storage unit. Use the OHIO rule. Only Handle It Once.  If you touch it, it belongs in a “bucket”.

Here is your bucket list so you can start living your real Bucket List:

1. Keep it and/or move it. These are your treasures and you have reason to keep them.

2. Give it to family.  We have many ideas to help facilitate this.  Give us a call.

3. Sell it. Craigslist, eBay, Amazon, or estate sale? All are valid options. We can help you decide which method is best.

4. Donate it. There are many charities who would love to have your excess stuff.  Some will pick up and some will not. Some will take electronics and mattresses, some will not. We have relationships with many charities near and far and can help expedite the excess treasures to new homes.

5. Recycle and dispose. Sort through all of that paper.  Only keep what is really important, shred what is sensitive, and recycle what is left. Depending on the amount remaining after filling all the other buckets, you may be able to fill a garbage can or a large dumpster.

A Senior Move Manager (a trademarked term through the NASMM) can provide guidance, encouragement, and hands-on help to help you STAY in your home.  Working closely with a senior move manager that you can rely on and trust may give you great peace of mind. Most importantly, allowing a senior move manager to help with the move frees up time so that you can spend quality time with your family rather than focusing on all the action items. You can go through cherished memories and create new ones, while the senior move manager takes care of all of the details and the worry.

Article Provided By:
Soft Ladings for Seniors
503-893-4252
www.SoftLandingsforSeniors.com

Considering and beginning hospice care are sensitive times not only for the individual but for their loved ones too. Here are answers to a few questions to help as you begin this journey. 

What is hospice?

Those who receive hospice care are seeking comfort and compassion as they near the end of life. The goal of hospice is to help the patient rest comfortably. Caregivers focus on providing comfort, companionship, and peace.

They provide care wherever the individual calls home, whether it be their own home, a skilled nursing facility, an assisted living community, or an adult foster home.

What does hospice care involve?

Hospice care includes four levels of care: routine home care, continuous care, general inpatient care, and respite care.

Routine home care is a starting point for most patients in hospice because it allows the patient to live wherever they call home while receiving the care they need to help them feel comfortable.

Continuous care is provided for brief periods when the patient has high needs. Hospice nurses or aids care for these patients round-the-clock to avoid hospitalization.

General inpatient care includes any needs that can’t be managed at home. Patients needing this type of care are sent to a hospital or inpatient unit until their symptoms are alleviated enough to be able to return to their home.

Respite care is temporary care provided to give family caregivers a break.

How will I know when it’s time to consider hospice?

The right time for hospice is different for each individual and family. Hospice is an individualized approach to end-of-life care. It meets the patient wherever they are in their care.

Frequent hospitalization, doctor visits, and skilled nursing stays are a few factors to watch for. Talk with a physician to discuss what will work best for your loved one.

My family member is ready for hospice. Where do I begin?

People who qualify for hospice have a life expectancy of six months or less. To determine if your loved one is ready for hospice, he or she needs recommendations from two physicians. They will determine the life expectancy based on a physical assessment, medical history, and other diagnoses.

How long does hospice care last?

Hospice is an elected benefit meant to serve patients in the last six months of their lives. Your loved one is welcome to remain in hospice care as long as they meet the criteria.

Some patients remain on hospice longer than six months and some improve and graduate from hospice care, moving on to independent living or home health. Others remain in hospice care and receive help and comfort as they and their families prepare. 

Article Provided By:
Signature Healthcare at Home
800-936-4756
www.SignatureHCH.com

Many aging seniors lose the ability to recall memories.  Some of this is a result of the aging process but for far too many it’s because of Alzheimer’s and Dementia.  What are the options for seniors facing this challenge?  Verbalizing stories early in the diagnosis is an exercise worth exploring.  It can allow a family member to capture in writing or via audio recording the history that still resides in a senior’s mind.  Storytelling with pictures and images is another way to spur those memories that are “stuck” and often is a successful way to help a senior articulate their memories.  These memories are the connections from their past to who they are now and the challenges and fears they are facing as they age.

Another option explored is using art.  Imagine a group of people with memory challenges, gathering in a sunlit room.  They’re tentative, cautious, don’t know each other, and all are at an early stage in their diagnosis.  They are with a caregiver, often a spouse or family member, and they too are apprehensive at this process.  Soon enough though, they begin to act as a group, enthusiastically smearing colorful paints onto white paper.  Communication in this room is comfortably awkward as words are searched for and caregivers share stories of acceptance and learnings.  Anything goes for folks who feel like everything was taken.  Relaxation is attained and memories, however fleeting, in the grip of Alzheimer’s disease, are created.  Participants are, for the duration of the session, comfortable with each other.

Welcome to the weekly “Memories in the Making” watercolor session under the auspices of the Oregon Alzheimer’s Association. While participants pay nothing, what they gain is priceless. The best of their works will eventually go to auction to raise funds for programs such as this and to help the Alzheimer’s Association blunt the pain of a relentless disease.  In 2018, nearly $180,000 was raised from their paintings in the Portland Metropolitan market alone.

Classes like these are offered at the Alzheimer’s Association office, Home Matters Caregiving office, and at more than 200 care communities across Oregon. Being able to gently guide participants in this process allows others to see the remarkable artwork created by folks who, in some cases, are uncommunicative otherwise. “You know life makes sense when you bring joy to someone’s life in a way that they weren’t exposed to prior to this opportunity,” says Christina Foutch, an Occupational Therapist and a specialist in Alzheimer’s care. Not only is art created, but also memories.

For further information contact The Alzheimer’s Association 1650 NW Naito Pkwy, Portland, OR 97209 or 1.800.272.3900 and ask specifically for locations where Memories in The Making is being offered.

Article Provided By:
Home Matters Caregiving
503-352-5634
www.HomeMattersCaregiving.com

Many Older Americans who have retired from their previous jobs are returning to the workforce, a process some are calling “unretiring.”

The main reason for seniors choosing to return to work is unsurprisingly money, according to a survey commissioned by a senior care provider, Home Instead, that drew responses from more than 1,000 “unretired” people, as well as those nearing retirement, in the U.S. and Canada. But the second-most common reason was fighting boredom, with 44 percent of respondents citing it as the reason they jumped back into employment.

In part, the trend reflects the widespread shortfall in Americans’ retirement savings. A recent Transamerica Center for Retirement Studies report estimates that workers’ median retirement savings is only $71,000, far short of what experts say is needed to retire comfortably. Only 30 percent report accumulating $250,000 or more. Meanwhile, the number of older Americans filing for bankruptcy has surged fivefold since 1991.

While financial necessity is driving many older Americans to get a job, more than half of retirees age 50 and older are open to working again if the right opportunity comes along, according to a 2017 report from the Rand Corporation.

Around 39 percent of workers over age 65 who were currently employed had previously retired, Home Instead found. Of those that do come back, nearly two-thirds changed their line of work. For former hairdresser Nancy Kading, back problems forced early retirement from her 26-year long career. But she wasn’t ready to stop working.

“I didn’t enjoy retirement. I needed something. I needed to feel like there was a reason to get up. I needed to feel like I was needed,” Kading told CBS affiliate KXJB in an interview. “My identity was taken. I was always ‘Nancy the hairdresser’, and now I just was a retired person and I was only 48.”

She decided to come out of retirement and become a caregiver.

“It’s important that I do something, and I think we are meant to help other people. We aren’t meant to just sit and do nothing,” Kading said, “Actually just yesterday, I had a caregiver call and she said, ‘you know, this is the best second career I’ve ever had.’”

Article Provided By:
Home Instead Senior Living
www.HomeInstead.com