Handling money affairs timely may become a problem for some senior citizens as they grow old. They may find it hard to carry on the daily money matters properly.
Money Management by a professional
A senior citizen with funds may not have the disposition to manage funds efficiently. Old age problems may take their attention away. The way out is to get someone to handle the financial affairs for them. A professional daily money manager can be of help for a senior citizen. You can hire from The American Association of daily money manager a qualified professional. He can pay bills, write checks, keep bank accounts and do wise and sensible financial dealings for the senior citizen. A daily money manager cannot be in the position of other professionals. For example, a daily money manager cannot prepare personal accounts for a senior citizen. He can only collect the bills or vouchers for the senior citizen and make the payments required on them.
Home Equity Mortgage
When the senior citizen is short of money to pay the utilities but has resources, then the easiest solution for the problem is to get mortgage on the resource. Suppose this is the home owned and occupied by the senior citizen. He can approach the U.S. Department of Housing and Urban Development, through which to take a reverse mortgage. A Home Equity Conversion Mortgage program is given through the Federal Housing Administration. This for people 62 and older, who have a property, and who stay in it while free of federal debt. A small mortgage on the property does not disqualify. It is obligatory to HECM counselor. An eligible senior can make use of this home equity portion, in fixed monthly payments or in a line of credit, as per need.
Meals at Door Step
A national organization Meals on Wheels helps senior citizens with food directly at the senior’s residence or by delivering meals to senior centers. A study by the organization in 2007 has revealed that 6 million seniors have food insecurity of some form and can be in hunger at anytime. Meals are free to seniors who have no money, but those with it are asked to contribute.
The federal government along with the national organizations is keen to help the senior citizens of the country by introducing new social security measures.