Preparing for the Unexpected

I don’t know about you, but as I continue along this path called “life,” I am more and more aware that every day may bring the unexpected events that make me weary. No, I don’t stress about it, but I continually am reminded that it is a part of life. Whether it be health and finances, friend’s who go through challenging times, world events, the unexpected phone call from the school, or an unexpected letter that makes our heart pump a little faster, these events are a part of our normal lives.

In working with seniors and their families, one of the things that has been a norm in many of the conversations is this idea that the unexpected events have drained them of the many of their resources, or that future events would do the same. These are the uncontrollables! How does one prepare for the uncontrollable events? Well, for some events one can prepare with insurance. From life insurance, homeowners insurance, long term care insurance . . . . the list goes on with what types of insurance one can get to protect assets. Just recently, across the river in Oregon, many people found their houses in danger due to flooding. If one had flood insurance, this is a good thing. For those who didn’t have flood insurance, well, it is not so good of a thing.

Reverse mortgages are much like insurance, though, a little different. With insurance, one needs to have purchased the insurance prior to the event. Without it, there is no coverage. As they say, “hindsight is always 20/20.” However, with reverse mortgages, one can take out a reverse mortgage during or after the actual unexpected event occurs, in most cases. Reverse mortgages are simply “Plan B,” for most people. Plan B is better than no plan right!

I have mentioned in several of my blogs the importance of simply learning about reverse mortgages. As in most financial products, timing is everything. One may not be interested, or in need of having an extra stash of cash today. However, when there is an unexpected event, it just may be the answer for tomorrow.