Many seniors who sell their homes do not need the level of nursing home care. They can continue to function independently with some assistance. An assisted living facility is often the ideal placement for these seniors. It is important that an attorney review the paperwork that the facility will ask them to sign. As an Elder Law attorney, I review the terms of assisted living and nursing home contracts.
For seniors who prefer to remain in their homes but face financial difficulty, there are the options of both home equity loans and reverse mortgages. These loans enable seniors to borrow against the built up equity in the home. The proceeds could be used, for example, to remodel the bathroom and kitchen to make them handicap accessible. I assist the client through the loan closing process.
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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. I invite you to contact me and welcome your calls, letters and electronic mail. Contacting me does not create an attorney-client relationship. Please do not send any confidential information until an attorney-client relationship has been established.
Robert W. Shaw is licensed in New York.
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