Page 3 - WSAAG051_A Guide for Caregivers Booklet

Helping loved ones meet and manage Home Equity
their health care expenses is an awesome
responsibility. Solutions
Indeed, the average couple retiring today at
age 65 is estimated to require $285,000 to 1
cover their health care and medical expenses Get a Home Equity
in retirement*. Conversion Mortgage (HECM) loan:
That makes it more important than ever that The homeowner continues to live in their home
both the caregiver and those in their care without making mortgage payments and also
understand the financial resources available receives cash via a payment plan of their choosing*.
to them.
* You must continue to meet the loan requirements such as keeping up
One financial option that homeowners and homeowners insurance, maintenance costs, property taxes and otherwise
caregivers alike are accessing to help meet comply with terms in order to stay in your home without mortgage payments for
this challenge is home equity. Home equity as long as you live there.
not only represents the greatest source of
wealth for a majority of older Americans,
home equity is also an accessible asset that 2 Refinance the House:
can offer short- and long-term solutions for a The homeowner trades in their old mortgage loan for
healthier and more sustainable retirement. a new one to pull out cash (a cash-out refinance) or

lower their monthly mortgage payment, resulting from
*How to plan for rising health care costs (Fidelity) April 1, receiving a better interest rate and/or terms.
2019. Find the full article at http://bit.do/carecosts
A Guide for Children and Caregivers 3