Comments on: Business Week Special Report on Aging in Place, Where do Reverse Mortgages Fit?

By: Randy Walden

Randy Walden — Fri, 09 Oct 2009 02:54:00 +0000

My reverse mortgage friends any comments?

By: Randy Walden

Randy Walden — Fri, 09 Oct 2009 00:54:12 +0000

My reverse mortgage friends any comments?

By: dduck12

dduck12 — Fri, 02 Oct 2009 20:02:42 +0000

Thanks to Ms. Orlov. I just had a chance to check out the site she mentioned: selfhelp.net.
Among the very useful sevices they have was something called: "Community Guardian Program."
This is interesting because I was wondering how seniors with limited financial experience could even consider an RM, or those that don't wish to involve family members in their financial moves. Here's the quote from the site:
"We apply for benefits and grants, find apartments, sign leases and arrange for insurance. We oversee real estate and other assets. With court permission, we may sell property, arrange for a mortgage or reverse mortgages. We also work to resolve eviction cases for our guardian clients."
Are there other localities that provide this kind of service?

By: dduck12

dduck12 — Fri, 02 Oct 2009 11:29:05 +0000

Ms. Orlov,
Could you clarify that the actual costs of housing in a facility are not covered by Medicare? Are you a GCM?

By: Laurie Orlov

Laurie Orlov — Fri, 02 Oct 2009 09:45:50 +0000

Technology described in the business week article is generally not paid for by Medicare. However, there are various examples of subsidized programs that cover the housing, social services, home health care and the associated technology fits into those. Examples include: See Selfhelp.net, the website for subsidized independent living in the Queens, NY area -- residents who need it get the QuietCare unit. New Courtland in Philadelphia is the same using Healthsense technology. When tech crosses into telehealth, Medicare pays.

By: dduck12

dduck12 — Thu, 01 Oct 2009 22:04:14 +0000

Harrumph, I'll have to study that question and take it under advisement (political translation: I have no idea). Seriously, I doubt it. GCMs, feel free to chime in.

By: The_Critic

The_Critic — Thu, 01 Oct 2009 21:21:36 +0000

I'm sorry, I realize Medicare does not pay for LTCI; however does Medicare pay for medical devices such as that described in the story?

By: dduck12

dduck12 — Thu, 01 Oct 2009 19:38:19 +0000

Medicare does not pay for LTC. However, I am FAR from being a Medicaid/Medicare expert. (Perhaps those counselors your industry has, among their other expertise, can answer that.) I also don't know how having a lump sum, LOC, or tenure money from an RM can affect Medicaid eligibility. LTCI: depends on the policy as far as paying for renovations and other expenses. In general the better ones do. The more responsible companies have the goal of minimizing expenses, so they would like people to stay at home (especially for so called indemnity polices, where bills are presented to the insurance company and get out of claim status faster). I don't know about the kind of technology mentioned in BusinessWeek. In any case, money sure helps solve a lot of problems.
(Notice I did not mention LTCI, above?)