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Deeming is a set of rules used to assess income from financial investments for social security and aged care purposes. Deeming assumes that financial investments earn a certain rate of income, regardless of the amount of income they are actually earning. If income support recipients or aged care residents earn more than these rates, the extra income is not assessed.
If someone is suffering from financial hardship and unable to pay for their cost of aged care, they may be eligible for financial hardship assistance for some or all of their aged care fees. Financial hardship assistance can apply to the basic daily fee, means-tested care fee and/or accommodation contribution/payment, it does not apply to extra or additional service fees.
Reverse mortgages, also known as 'equity unlock loans' are equity release loans designed for older borrowers including those entering aged care, who are 'asset rich' but 'cash poor'. They enable the borrower to access the equity in their home. The borrowed funds can generally be taken out as a lump sum, a regular income stream or a combination of both.