Wednesday, August 24, 2011

How Do American Seniors Pay For Needed Dentistry?

As most Americans know, there is NO Medicare dentistry benefit for senior citizens.

If you need a set of dentures or any needed dental work, you must pay for it yourself. If you live in a state (not California, since they have eliminated any adult dental benefits) that has Medicaid dental coverage, you may be eligible, if you meet the qualifications.

But, by and large, you the patient, must pay for your own private dentistry - or your family pays the fees for you.

Recently, I have seen the ads on television about reverse mortgages, where, if you own a home you can receive a cash pay out of your equity.
A reverse mortgage allows you to access a portion of the equity in your home to obtain tax-free cash without having to make monthly loan payments.

The reverse mortgage is safe and is Government-Insured by the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD). The reverse mortgage was signed into law as a national program in 1988 and since its inception has helped thousands of homeowners safely access the equity in their homes,  helping them better enjoy their retirement years.

To be eligible for a Reverse Mortgage loan, some key requirements are:
  •     Be at least 62 years of age or older
  •     Live in your home as your primary residence and have sufficient equity in it
  •     Be able to pay any existing mortgages through the Reverse Mortgage
  •     Live in a single family home, two to four-unit owner-occupied home, townhouse, approved condominium unit, or certain manufactured homes
You must also meet the following conditions:
  •     Attend a HUD-approved counseling session
  •     Continue to pay property taxes and homeowners insurance
Here is a pool of money to pay for needed dentistry.

One such company is All Reverse Mortgage Company. Their website is here.

Client testimonials are here and they look pretty good.

“Could not be more satisfied. Product is one of the few structured financial instruments that may be fair to consumers under appropriate circumstances.  (That's why Wells Fargo and Bank of America are leaving the market.)  All reverse got my paper because of superior service, including pointing out a better deal than I had been ready to sign for.”

•Dr. W. Jackson, Ph.D, banking advisor to US Congress for 27 years
Certainly, a reverse mortgage is not for everyone but with interest rates at historic lows, it sure beats paying dental financing costs from banks or specialized in practice dental finance companies. It certainly is better than being dependent upon your children and grandchildren.

Why not tap that equity in your home at an interest rate of less than 5%?

And, rather than conventional dentures, go for those implants.

Go here and use the reverse mortgage calculator, to see if a reverse mortgage will work for you.

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