Rosie, I would see a financial advisor or an elder law attorney before doing anything like this. You would need someone to go over your assets, the value of your home, the vehicles you are considering for "future care". Some very unscrupulous people out there right now and will try to sell you on taking loans in order to buy costly annuities to pay out later. They are making commissions on sales and you can do yourself some irreversible damage.
My advise would be to gather all the information on your plan and go to see an Elder Law Attorney. Make it clear when you make your appointment that you just need an hour of his time for advice and a few questions. He may steer you toward as financial advisor who can give good advice.
This Forum is basically just a bunch of caregivers who have some experience with this or that, but for solid medical advice you need a doc and solid legal means an attorney. CPAs and financial advisors acting as fiduciaries, not salesmen, are crucial to prevent mistakes.
Rosie, there will be a few replies dealing with the financial aspect of this but I am going to suggest that you explore other options for care. Is your husband a Vietnam era Veteran? If so depending on where and when he served he may qualify for a LOT (or a little) help from the VA. And now the Spouse can get paid to care for the Veteran. Depending on where and when he served the Parkinson's may be classified as a "Service Connected Disability" and that may add to any help that he might be entitled to. (Many Vietnam era Veterans have refused to talk about their service, so many spouses do not know details of the service.) You can get more information from your local Veterans Assistance Commission or from the VA. He is also entitled to medications, incontinence products.
If he is a Veteran PLEASE look into this.
Your local Agency on Aging may also have programs that he may qualify for. This might get you several hours of Caregivers. The VA also has a program that will provide caregivers.
He may also qualify for Adult Day Care this would give you a break and a place for him to get some socialization and most will pick up in the morning and bring the participants back in the afternoon and generally a breakfast, lunch and snack are provided. There are usually outings that they go on, art, music and pet therapies are typically part of the schedule.
You can also contact your local Senior Center or Senior Services and see what they offer. By me they have Grants that are available for a variety of services.
And because this is me...I am PRO Hospice. I had a great experience and I would not have been able to care for my Husband at home without the help of Hospice. I got all the equipment that I needed, I got supplies, I got a Nurse that came 1 time a week (more often if it was needed) a CNA came 2 to 3 times a week to help shower him, order supplies and she also monitored his weight loss, physical declines. Each person from Hospice was a great support.
My advise would be to gather all the information on your plan and go to see an Elder Law Attorney. Make it clear when you make your appointment that you just need an hour of his time for advice and a few questions. He may steer you toward as financial advisor who can give good advice.
This Forum is basically just a bunch of caregivers who have some experience with this or that, but for solid medical advice you need a doc and solid legal means an attorney. CPAs and financial advisors acting as fiduciaries, not salesmen, are crucial to prevent mistakes.
Good luck.
Is your husband a Vietnam era Veteran? If so depending on where and when he served he may qualify for a LOT (or a little) help from the VA.
And now the Spouse can get paid to care for the Veteran.
Depending on where and when he served the Parkinson's may be classified as a "Service Connected Disability" and that may add to any help that he might be entitled to.
(Many Vietnam era Veterans have refused to talk about their service, so many spouses do not know details of the service.)
You can get more information from your local Veterans Assistance Commission or from the VA.
He is also entitled to medications, incontinence products.
If he is a Veteran PLEASE look into this.
Your local Agency on Aging may also have programs that he may qualify for.
This might get you several hours of Caregivers.
The VA also has a program that will provide caregivers.
He may also qualify for Adult Day Care this would give you a break and a place for him to get some socialization and most will pick up in the morning and bring the participants back in the afternoon and generally a breakfast, lunch and snack are provided. There are usually outings that they go on, art, music and pet therapies are typically part of the schedule.
You can also contact your local Senior Center or Senior Services and see what they offer. By me they have Grants that are available for a variety of services.
And because this is me...I am PRO Hospice. I had a great experience and I would not have been able to care for my Husband at home without the help of Hospice. I got all the equipment that I needed, I got supplies, I got a Nurse that came 1 time a week (more often if it was needed) a CNA came 2 to 3 times a week to help shower him, order supplies and she also monitored his weight loss, physical declines. Each person from Hospice was a great support.
Now wait for the financial info that will come.
Do you have the income to pay back a HE loan?
Or are you talking about a reverse mortgage, which is a very different animal?
Would it make sense to downsize to an apartment and use the freed up equity for caregivers?
Have you consulted an Elder Law attorney about Medicaid qualification?