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Talking to Your Parents
Ensuring your loved ones’ well-being, that no one takes advantage of them or their hard-earned assets is important to us all. We encourage you to learn more about the financial freedom a Genworth Reverse Mortgage can provide—how they work and the safeguards put in place to protect seniors. A good place to start is by ordering our free Guide to Reverse Mortgages.
Talking To a Parent or Loved One
For most seniors, living independently in their own home is extremely important. A Genworth Reverse Mortgage may help your parents live well in retirement, in their own home, while giving you the peace of mind knowing they are able to take care of themselves and not be living in financial stress.
However, approaching a parent or loved one about their finances can be awkward or even difficult, but it is important to know if they can afford to eat well, make ends meet, afford quality healthcare or enjoy the things in life that brings them happiness. Here are a few suggestions that can break the ice and make the conversation easy and effective:
Be Positive, and Ready
Bring up the subject of their future needs when things are going well in your parents’ life, rather than at a time of stress or crisis. It’s best to take the time to discuss the topic as early as possible, so all details are in place for when a crisis does hit.
Involve Family
Whether you want your siblings there for the conversations is up to you and your family. Yet, it is good to let them know that they are happening. A sibling left out of decisions now might feel angry later.
Don’t Push
Allow your parents to make their own choices and resist the temptation to force decisions on critical issues unless their health or safety is at risk.
Ask, Know and Share
Before you offer your opinion, it’s good to know what’s important to them—their goals, needs and concerns about their current and future situation. Even what kind of assistance they would like to help them stay in their home. Share your own goals and experiences. And be sure they know that you are there to help. It might make it easier for your parents to accept help themselves.
Know Their Health Status
Be aware of any health problems and if they have the long term means to manage daily healthcare needs. Are they able to pay for the medications they need? Can they make it okay to doctor’s appointments? Do they need in-home care?
Know Their Home
Take notice of the condition of their home. Do they need important repairs? A new hot water heater or roof?—and safety issues or modifications (hand rails, ramps, etc.) that can be made to make their home more comfortable.
Research Community Resources
Look into community services specifically designed for seniors that may help make it possible for your parents to remain independent, such as local public transportation, meals on wheels, shopping services, or other home care services.
Compare Costs and Services
Check out the costs and benefits of remaining in the home with that of Assisted Living Centers or Continuing Care Retirement Communities. Many of these are viable alternatives to remaining in the home.
Research Together
Offer information, such as our brochure that you can download here, in a casual way that lets them know you’re thinking of their well-being. For instance you can offer up the Reverse Mortgage information as something you just came across and wondered if it could help them during retirement. You could also visit this website together, or use a search engine to seek the answers you need. All this can help reassure them that it’s their money and their decision.
Show Understanding
Be respectful of their opinions, even if you hear answers you weren’t expecting, or even don’t like. Talking about change can be met with negativity, even when it’s for the better. It’s difficult for anyone to ask for help from others. Stay positive and focused in the midst of emotions.
Seek Professional Advice
If you continue to have difficulty talking about their long and short-term finances, it’s not a bad idea to seek the advice of a neutral professional such as a financial planner.
If you decide a Genworth Reverse Mortgage is the right solution to assure your parent or loved one’s financial security, rest assured that a Genworth Reverse Mortgage Expert will work with you every step of the way to answer any questions or concerns while keeping them personally updated throughout the entire process. We also welcome and encourage you to be present.
For more information, you can request a call from us by Simply clicking here.
Please note the Genworth Reverse Mortgage program is for U.S. residents only and not available in all states.
