Case Study | Reverse Mortgage Allows Senior To Remain At Home

Case Study | Reverse Mortgage Allows Senior To Remain At Home

© Danielle Robertson Consulting Pty Ltd t/as DR Care Solutions

A smart financial planner was concerned about his client, Franci*, who was on a full pension with no other income. Residing in a city apartment that she owned outright, she remained cognitively alert but with severe mobility issues. Franci was very clear on wanting to remain at home with care.
 
Not sure what options were available to her, the financial planner introduced DR Care Solutions to meet and assess Franci and recommend care options.
 

The Problem

Franci was receiving funding for a level 2 HomeCare Package and was subsequently approved to receive funding for a level 3 HomeCare Package, but the increased funding had not yet come through. The level 2 funding only provided five hours a week of homecare from her selected homecare provider. This was not enough for her deteriorating health: her mobility was increasingly restricted, she rarely left the apartment and consequently had stopped socialising and was lonely, she was sleeping poorly, and she was not eating well.
Franci also needed support with paperwork and bill payments. Her daughter was a busy professional who regularly travelled overseas.
In this scenario:
  • Franci had government-funded services in place but there was no consistency of carers and they did not meet her preference for Hungarian-speaking carers.

  • While a pensioner with no other income, she owned her $3 million apartment outright.

  • Franci was vulnerable to exploitation.

  • Her quality of life was quickly diminishing but she refused to move into residential aged care.

 

The Care Solution

DR Care Solutions was engaged and within one week, DR Care Solutions:
  • Completed a comprehensive care needs assessment for Franci, asking her about her wants and wishes.

  • Introduced an accredited Aged Care Financial Broker to provide information on equity release and the possibility of arranging a reverse mortgage for $350,000 to release funds to pay for 'fee for service' homecare. Franci accepted the reverse mortgage proposal.

  • Developed a Life Plan™ with clear recommendations on what could be implemented with additional hours and funding.

  • Arranged for 'fee for service' assistance, to supplement Franci's Level 2 HomeCare Package.

  • Changed Franci's HomeCare Provider to a quality HomeCare Provider with carers who could speak Hungarian and cook Hungarian foods. This change took place seamlessly and without exit fees.

 

The Outcome

Franci, who is now 95 years of age, has been able to remain at home with quality care and support services.
 
Her Level 3 Home Care Package funding did eventually come through, giving her more hours of government-subsidised services.
 
Franci continues to rely on her reverse mortgage to pay for additional hours of care, as she needs them. This great outcome has enabled her to remain at home with quality care and companionship from a supportive group of carers.
 
* Names have been changed to protect the identity and privacy of subjects.

For more information, please reach out to Danielle Robertson at DR Care Solutions for an initial discussion on how to set up the right care, support and assistance for your loved one, at the right time and in the right place.

- Contact Danielle - For An Impartial & Confidential Conversation

 

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