Today, no matter the age, the average American has about $90,460 in debt. Unfortunately, the silent generation (75 and above), have about $40,925 in debt.
If you’re wanting to help your elderly parents out with loan payments, you might feel unsure how to proceed. While it might seem overwhelming getting their payments under control, there’s hope. Read on to explore this guide on how to help elderly parents with loan payments today!
How To Help Your Parents From a Distance
If you live far away from your loved one, you can still help your aging parents through technology. There’s even a company out there Who offers family opportunity mortgage.
Speak with your loved one about how bills will be paid if anything happens to them. Consider setting them up for autopay where it’ll get deducted from their monthly pay. Encourage them to have online banking where you can help them pay their bills.
If the bank isn’t open yet, you can do a virtual conference between the bank and your elderly parents. Whether you have power of attorney or have access to their accounts is vital. This will allow you to have access to your account if anything goes wrong.
Offer Them Finance Management
Consider meeting with an elder-law attorney regarding mortgage documents and other bills. If your parents are under the threat of tax consequences, you can consider offering them direct gifts. This can include helping them pay for insurance or bills.
An attorney can ensure that you don’t wind up disqualifying your parents from different benefits. Loaning money instead might be a better option.
Explore Government Savings
If your loved one is on a fixed income, there are different state and federal programs to help them out. If they were in the military, they might be able to receive disability benefits, home loans, etc. They might be able to qualify for Medicare or Medicaid as well.
Help With Long-Term Financial Decisions
Speak with your elderly parents about where they want to live as they age. The options might be a retirement community, closer to family, etc. It’s important to determine where they’ll go if they need long-term care.
Take a look at any long-term care insurance that they have. This insurance can help pay for some home-care, assisted-living, or nursing homes.
Keep in mind that some policies might have a waiting period before you can use the benefits. Many of these policies will offer assistance if your loved one needs help with eating, dressing, bathing, etc.
Helping Your Elderly Parents With Their Loan Payments
After exploring this guide, you should have a better idea of what to expect when it comes to loan payments. Take your time exploring different options and keep the wants of your loved ones in mind as you make decisions.
Would you like to read more money and budgeting content? Check out our other articles on our site today.