Never Too Early to Review Long-Term Care Options

We face a long-term care crisis in the United States, and seniors and boomers need to start creating a strategy as soon as possible. One study suggests  that about 70 percent of seniors will need some type of long-term care, and most of the costs are not covered by Medicare. We aren’t talking about costs for doctors and prescriptions, but rather care like nursing home stays, home health aides and the like. Today, the average day in a nursing home costs  about $239, a figure which will likely rise. The average stay typically lasts about two and a half years, so even the most financially prepared person will be challenged by $5,000 per month for expenses like these. read more

A bill passed through the California state Senate last week will require all reverse mortgage counseling within the state to be conducted in person, unless a borrower opts out of the face-to-face counseling option in favor of a telephone session.

The bill, passed by California lawmakers and awaiting a signature by Governor Jerry Brown, specifies that reverse mortgage counseling, under state law, must be conducted in person unless the borrower elects to receive the counseling in another manner.

 Upon receiving the bill, if no action is taken, the bill automatically becomes law. Gov. Brown has the option to sign or veto the bill through 12 days following receipt. The bill was presented on August 31 and would become effective once passed into law on January 1, 2013 read more