SENIOR FINANCIAL SERVICES
Amada Senior Care can help you with life insurance conversion or reverse mortgage to pay for senior care.
At Amada, we take a hands-on approach to facilitating the health, well-being and long-term care of seniors. Our primary focus is on advocacy, which includes laying out all available financial planning options for clients’ care. If health insurance will not cover your care or you don’t have a retirement plan, you can depend on Amada to be your in-house expert to help you understand the process of converting a life insurance policy or utilizing a Reverse Mortgage to help pay for in-home care. Our financial management experts have years experience in financial analysis and retirement planning.
LIFE INSURANCE CONVERSION
Did you know that with a Life Insurance Conversion, it is often possible to generate income with a lump-sum payment that is much greater than the cash-surrender value of your policy? This can be used to supplement your income and assets without any restrictions.
An Amada senior advisor can help you or a loved one evaluate the requirements for Life Insurance Conversion, including the type of policy and its face value, along with the policyholder’s age and health. Given our solid relationships with major life insurance companies, Amada has the ability to connect you with a Life Insurance Exchange partner who will guide you through a straightforward qualification process to convert your policy into an option that best meets your care needs. Just a few options to consider include selling your policy at fair market value for cash, converting it to a long-term care benefit, turning it into passive income or protecting a significant portion of its value even without paying premiums.
We are all aware of the negative stigmas that have previously surrounded reverse mortgage programs of the past. Fortunately, the government forced significant revisions and increased consumer protections for these programs.
However, there is still a lot of information you should consider and some important precautions you should take before deciding to utilize a Home Equity Conversion Mortgage (HECM). Please rely on your Amada senior advisor to help you and your family understand HECM loan basics and whether a reverse mortgage is right for your unique situation.
When a senior is in immediate need of long-term care, the costs can quickly become overwhelming and tapping into your biggest asset—your home’s equity—might be worth considering. An Amada senior financial advisor can help connect you with someone who will answer the common questions many seniors have, such as whether a HECM affects Social Security, Medicare or pension payments. We are happy to provide resources that detail the pros and cons of reverse mortgage programs and provide guidance to help you and your family make decisions.