This document is part of the Aged Care Gurus Advice Library. You can find templates for SOA Wording, DVA Forms, Aged Care Forms, and Centrelink Forms.
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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.
Calculating Aged Care cost - which forms do I need? Completing a means assessment isn’t mandatory. But if you don’t, you may be asked to
When a couple is entering into Residential Aged Care consideration needs to be given to the timing of their move and the impact this can have on their means assessment.
Loans from family to fund a RAD have impacts on the cost of care and potentially estate planning. The Aged Care Act 1997 does not preclude a family member of a resident making a contribution towards their accommodation payment. However, an aged care provider must not accept a lump sum payment which would leave the resident with less than the minimum permissible asset level within 28 days of entry and the provider has sufficient information to know the person’s means.
