Are you sure you want to exit? Your progress will be lost.
Who are you caring for?
Which best describes their mobility?
How well are they maintaining their hygiene?
How are they managing their medications?
Does their living environment pose any safety concerns?
Fall risks, spoiled food, or other threats to wellbeing
Are they experiencing any memory loss?
Which best describes your loved one's social life?
Acknowledgment of Disclosures and Authorization
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid. We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment. You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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Mostly Independent
Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
Remember, this assessment is not a substitute for professional advice.
Share a few details and we will match you to trusted home care in your area:
Before you take this step, please seek legal counsel. Questions that I have are: Why do you want to pay off their mortgage? Do you have unlimited funds to do so? Will your name be on the title? Are they transferring ownership to you? You really do need legal advice before you do anything rash. The results could impact both you and your parents. good luck
...and a few more questions: Do you have siblings? Is this considered a loan? If you proceed get everything down in writing and make sure you know the tax implications. (btw, I do not think that you can take any deductions if you are not one of the owners....but ask an attorney or accountant)
Hope - I hope you'll follow the good advice above and NOT put yourself in a financial pickle to help your parents. I don't know your age but if you're over 45 and single, your ability to save for your own retirement is JUST AS IMPORTANT as caring for your parents. Would they REALLY want you to sacrifice your financial security to help them? Don't think of your parents as they are now, think of them 20 years ago. What would they tell you?
Unless the house will be a large financial asset for you and not a drain - think about upkeep, property taxes, maintenance - then you might want to find another solution. If it will soon need a new roof, if the basement has water problems, if the windows are old and drafty, if the porch is falling off.. it might be wiser to put it in your name somehow, sell it and use the proceeds to buy something newer, smaller and one that will last YOU for a long while.
You might also consider doing a life estate, also called deed of trust, with your parents. This means that they sign over their equity in the house to you and have the right to ownership as long as they live. Once they pass away, the ownership of the property goes to you. If there's a mortgage on the home then there are other concerns. it's best to seek legal counsel regarding that matter. What's a couple hundred dollars to get the right information and piece of mind?
In some states, the life estate means that, even if the parent gets medicaide and liens are placed on the property to recoup the states expenditures, the state can't fulfill the lien when the parent passes because the death means they no longer own the asset. If one parent needs medicaide for a nursing home and the other is able to live at home, the state will not place liens on the house because the spouse needs a home to live in. They state will also consider mortgage payments from their income to provide a home for the remaining spouse.
I hope you can find a solution that's best for you and your parents. Please, please consider ALL your options before quitting your job. Those 401(K) funds will be very dear to you later and using them up now should be your ABSOLUTE LAST resort.
I wish to pay off my parents mortgage as I will be leaving my full-time job and using only 401K and pension as income, cutting my income by 50% and will get part-time work if and when necessary. Due to parents health issues I am unable to work full-time. I was considering paying off their mortgage as their residence is mine too and should something happen to my parent(s), on my limited income may not be able to meet the mortgage payment. I would use part of my 401K money to pay off mortgage. I just do not want to end up in a situation where I could lose the house. There are no siblings or relatives to consider, it is just me, mom and dad.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
You really do need legal advice before you do anything rash. The results could impact both you and your parents.
good luck
If you proceed get everything down in writing and make sure you know the tax implications. (btw, I do not think that you can take any deductions if you are not one of the owners....but ask an attorney or accountant)
Unless the house will be a large financial asset for you and not a drain - think about upkeep, property taxes, maintenance - then you might want to find another solution. If it will soon need a new roof, if the basement has water problems, if the windows are old and drafty, if the porch is falling off.. it might be wiser to put it in your name somehow, sell it and use the proceeds to buy something newer, smaller and one that will last YOU for a long while.
You might also consider doing a life estate, also called deed of trust, with your parents. This means that they sign over their equity in the house to you and have the right to ownership as long as they live. Once they pass away, the ownership of the property goes to you. If there's a mortgage on the home then there are other concerns. it's best to seek legal counsel regarding that matter. What's a couple hundred dollars to get the right information and piece of mind?
In some states, the life estate means that, even if the parent gets medicaide and liens are placed on the property to recoup the states expenditures, the state can't fulfill the lien when the parent passes because the death means they no longer own the asset. If one parent needs medicaide for a nursing home and the other is able to live at home, the state will not place liens on the house because the spouse needs a home to live in. They state will also consider mortgage payments from their income to provide a home for the remaining spouse.
I hope you can find a solution that's best for you and your parents. Please, please consider ALL your options before quitting your job. Those 401(K) funds will be very dear to you later and using them up now should be your ABSOLUTE LAST resort.