Do you know the difference between Medicare and Medicaid?
According to Wikipedia the online dictionary below are the definitions of Medicare and Medicaid. Many seniors believe that these two medical payment systems are all they need for healthcare without every really understanding what they do or how they work. The financial consequences of understanding how and when each of these apply can make a huge difference in a persons quality of life and/or care, it pays to know these differences.
Medicare is a social insurance program administered by the United States government, providing health insurance coverage to people who are aged 65 and over; to those who are under 65 and are permanently physically disabled or who have a congenital physical disability; or to those who meet other special criteria like the End Stage Reneal Disease program (ESRD).
Medicaid is the United States health program for certain people and families with low incomes and resources. It is a means-tested program that is jointly funded by the state and federal governments, and is managed by the states.[1] People served by Medicaid are U.S. citizens or legal permanent residents, including low-income adults, their children, and people with certain disabilities. Poverty alone does not necessarily qualify someone for Medicaid. Medicaid is the largest source of funding for medical and health-related services for people with limited income in the United States.
Medicaid is basically charity, and while it serves a function of assistance in society there are strict rules and regulations for qualifying. If you are concerned or interested I suggest speaking to a certified elder law attorney or one the specializes in wills, trusts or succession planning.
If you need a referral or are an attorney wishing to be referred you may contact me at crizzo@msiloans.biz
Value in having an experienced reverse mortgage loan officer
Just recently at a closing the notary paid me a wonderful compliment. She told my customers they ”were very fortunate that their loan officer (me) was there to explain all of the documents they were signing” and that “most loan officers don’t even show up at the closing”. She also stated that she is instructed “not to try to interpret the documents, just make sure everything is signed properly so that the loan funds”. This is good business advice for the title company as a notary is not a mortgage professional and could create liability for the title company by saying the wrong thing. Not really a good option for the new reverse mortgage customer.
Reverse mortgages are much different from forward mortgages by design. If you are considering a reverse mortgage two of the things that should be evaluated are the competency of the loan originator and the level of service you will receive. Is the originator knowledgeable, do they take time to make sure you understand what a reverse mortgage is and how it works? Feeling comfortable with your decisions means starting with good information, don’t be afraid to ask about experience and service.
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About MSI
Mortgage Services III's Reverse Mortgage Specialists are here to work for your best interests! Contact us today to see if a Reverse Mortgage is right for you! MSI is headquartered in Bloomington, IL with multiple offices in the Metro Chicago area. 