You’ve served your country, earned an honorable discharge, and maybe even a purple heart and/or the Bronze Star for valor during combat. But now, as you retire, you realize that the retirement account you’ve been contributing to for years just isn’t going to cut it when it comes to paying even the basic monthly bills.
If this happens to be the case and you’ve owned your own house for a long time, there is some good news to be had on the home front. You can apply for a veteran reverse mortgage that taps into all that equity you’ve been building up for decades. If approved, you never need to pay another mortgage payment again. You can receive your proceeds either in one lump sum payment or in monthly disbursements and you never have to pay the loan back unless you decide to move, or you die.
How much of a reverse mortgage do you qualify for? You can use this handy online reverse mortgage calculator to figure it out (https://reversemortgagereviews.org/reverse-mortgage-calculator).
But what if you don’t own your own home or have remortgaged your existing home and used up all the equity? It just so happens that there are other benefits veterans can tap into to help make ends meet.
According to a report compiled by the U.S. Department of Veterans Affairs (VA) and the American Community Service (ACS), the 2015-2020 statistics on the U.S. Veteran population of the population of those who severed who are now 65 years or older, was close to 20 million (that number is surly diminished in the wake of the COVID-19 pandemic which targeted the elderly in particular).
These veterans have served honorably in many conflicts all over the globe including, World War II, the Korean War, the Vietnam War, and the 1991 Persian Gulf War. As veterans age, the VA’s provide crucial services and benefits that address numerous issues including health risks and financial issues which for some, can be dire.
Typical VA Benefits
Older U.S. military veterans are said to be eligible for a wide variety of services and benefits. They include but are not limited to the following:
–Training and education
–Veteran Readiness and Employment Program
Typical VA Benefits for Elderly Military Veterans
There are two different programs that are targeted for certain elderly vets that come with an additional monthly payout so long as you qualify for or are already receiving a VA Pension benefit. The specific benefit Aid and Attendance (A&A) is an increased monthly cash benefit paid out so long as you meet one of the following conditions:
–You require assistance and aid to perform daily functions such as bathing, dressing, and even eating properly.
–You have become bedridden.
–You are a full-time resident in a nursing home facility.
–Your eyesight has diminished to a corrected 5/200 visual acuity or less in both your eyes, “or concentric contraction of the visual field to 5 degrees or less.” In both cases, you are considered legally blind.
Housebound VA Benefit
The Housebound benefit is self-explanatory. It is an increased monthly cash benefit if you are “substantially confined” to your home and/or immediate premises due to a permanent disability. If you own your home and have been paying on the mortgage for decades, this might be the perfect circumstance to apply for a reverse mortgage loan to assist with out-of-pocket medical expenses.
VA Medical and Health Care for Elderly Veterans
VA Geriatrics was engineered for older vets who have complex health care needs. Extended, long-term health and medical care is a program for vets of all ages who require daily assistance and support of a separate individual.
Vets 65 years and older can receive long-term and geriatric care inside their family residence, in the community, or at a VA Medical Center.
Some of the specific VA Medical and Health Care for Elderly Veterans include the following:
–Geriatrics and Long-Term Healthcare Programs.
–Eligibility for Long Term Care.
–Home-based Care and Community Service Programs.
–Nursing Home and Residential Care Programs.
–Geriatrics Research and Development.
The decision on where to spend your “golden years” is said to be one of the most important and life-changing decisions you will ever make. It’s of paramount importance to be educated on how each state classifies assisted living and nursing home care, and the many different regulations and rules that must be adhered to for ensuring proper healthcare for aging vets.
It should be further noted that the Federal and State Nursing Home & Assisted Living Regulations can provide specific information for all 50 U.S. states.