A Financial Option for Seniors
Most Township Supervisors in the State of Illinois administer a General Assistance Program in their respective Townships. The program is an extension of the Illinois Public Aid Program, but it is funded with local property taxes and therefore administered locally for the benefit of those in need here at home. Perhaps one of the most difficult situations arises when a senior citizen comes in for help, and the only solution for them is to sell their home. Imagine reaching your golden years and being told that you can't afford to live here anymore. You have struggled your whole life to pay off your mortgage, but maintenance, taxes, utilities and other living expenses exceed your monthly income. We usually start our counseling with the State Circuit Breaker; and then look at the various exemptions that are available for their real estate taxes. Next we examine what is available from all the other social agencies in the County. The Township program is limited by statutes to a small monthly grant, or emergency funding for utility shut off notices, eviction notices or foreclosure notices. It is at this point that we can clearly see if this client can afford to stay in their home. It is difficult to see someone reach the conclusion that they can no longer afford to live in the house that they own.
An interesting commercial option for seniors now presents itself. Instead of selling their home and downsizing, the senior in need in this case may enter into a Reverse Mortgage contract with a commercial lender. A Reverse Mortgage lender can supplement your monthly income tax free, pay your debts, your taxes, your utilities and more, and the loan or line of credit need never be repaid until you sell or move out of your home.