What every son and daughter should know to help their parents live well in retirement.

One of the most important things to older Americans as they age is to live independently.  But, you and your parents may have different ideas about what that means. It is important to talk to your folks about this before it is too late. A reverse mortgage could be just the right fit for both your parents as well as you! It is not easy to talk to your folks about their future. I remember approaching my folks about this and my dad would say, ” I ain’t moving from my home, you will have to carry me out. End of discussion!” Here are ten tips to help make the conversation a little easier and less stressful.

1. Be Positive — Bring up the subject when things are going well in your parent’s life, rather than at a time of stress, problem or an incident. Allow your parents to make their own choices. Resist the temptation to push issues unless their health is in jeopardy.
2. Ask for help — Ask your mom or dad to help you understand what’s important to them and what kind of assistance they would like to help them stay in their home as long as possible. Be aware of the questions they ask you..especially if they are general or  vague questions. When my mother called me one day to ask to take my father to his doctor’s appointment I said no problem. However, I realized this simple question was my folks way of  telling me dad’s health was failing and my mother needed assistance and wanted someone else to know.
3. Make it easier  your parents to accept help — Talk to your parents about your experience, or that of a friend or relative, in asking for help. Show understanding about how it is sometimes for all of us to ask for assistance from others.
4. Focus on them — Focus on your parents’ needs and worries about their current and future living situation. Ask them how they feel about climbing the stairs, or other concerns they have about being safe in their home.
5. Ask about daily activities — Find out what your parent would like help with the most. Is it cooking? Cleaning? Yard work? Driving? Ask them if anything about their current situation detracts from the enjoyment of daily activities.
6. Know the status of their health — Ask your parents about any health problems they have and maintaining their ability to manage daily healthcare.  Are they having problems taking their medications? Can they afford their medications?
7. Make sure they can pay their expenses — It may be difficult to ‘butt into’ a parents finances, but it’s important to know if they can afford to pay bills, eat well and enjoy live, without worrying.
8. Find out how your parents get around — Ask your parents how they get around on a typical day. Do they drive or take a bus? Are they getting rides with friends or walking? Knowing how your parents travel can help you help them find the best ways to get where they want to go safely.
9. Research community resources — Check out transportation ,meals,or home care services that are readily available to make it possible for your parent(s) to remain independent.
10. Compare costs and services — Do your folks have the funds to stay in their home. Look at the benefits a reverse mortgage can have. Compare the costs and benefits of remaining in the home,using a reverse mortgage with that of Assisted Living or continuing Care Retirement Communities.

For additional information call one of our Reverse Mortgage Specialists at 855-901-3100

Mike Wyrostek - Chicago Branch Manager  (14 Posts)

Mike Wyrostek joined the MSI Reverse Mortgage team in 2011 as the Chicago Branch Manager. With over 20 years of financial services experience, Mike Wyrostek understands your commitment to meet all your senior borrower’s financial needs. Mike has the knowledge and resources that will enable you to confidently provide senior financial solutions.