Joanna Phillips - 55+ Clientele


Types of Retirement Living

Services We Provide For Our 55+ Clientele


Real Estate Owned 55+ Communities

Examples: Versailles, The Villages

  • Owned units
  • Age: one person must be 55+
  • Monthly dues
  • Sports & actvities are included
  • Some transportation provided
  • Security gates
  • Near a medical center

If you have further questions, please call Joanna Phillips at 831-464-7799 or email me at jpjoanna@aol.com.


Independent Retirement Living Rentals 55+

Example: Dominican Oaks – Santa Cruz

  • Healthy Senior – No age limit
  • Includes:
    • 2 meals per day + kitchenette
    • Some pets allowed
    • House cleaning and laundry (optional)
    • 24 hr. security and emergency features
    • Studio apartments, 1 and 2 bedroom units available
    • One year lease or month-to-month rental

If you have further questions, please call Joanna Phillips at 831-464-7799 or email me at jpjoanna@aol.com.


Assisted Living Communities

An interim step between independent retirement living and a nursing home

  • Assistance with daily activities
  • Independent apartment
  • 3 meals per day included plus housekeeping and laundry
  • Rental community
  • Licensed by: various state agencies

If you have further questions, please call Joanna Phillips at 831-464-7799 or email me at jpjoanna@aol.com.


Continuing Care Retirement Communities

  • Multiple levels of care within the same community
  • Similar to a country club membership – a buy-in fee + monthly dues
  • Designed for 75+ years – may have an age ceiling
  • Healthy upon entrance
  • 50-500 residents
  • A senior pays for the level of care they need
  • Monthly fee includes long term care insurance

If you have further questions, please call Joanna Phillips at 831-464-7799 or email me at jpjoanna@aol.com.


Life Care Communities

  • Usually owned by non-profit organizations
  • Similar to Continuing Care Retirement Community with different levels of care
  • Average age 75 years – healthy upon entry
  • Large tax deduction first year (donation)
  • 1 to 5 year prorated return of initial investment if senior doesn’t like it
  • Monthly Fee is level from the beginning with only a yearly cost-of-living increase
  • Financial information upon request

If you have further questions, please call Joanna Phillips at 831-464-7799 or email me at jpjoanna@aol.com.


Combinations Available in the San Francisco Bay Area

  • Independent Living + Memory Center or Assisted Care Wings
  • Independent Living + Assisted Care/Convalescent Hospital
  • Assisted Care + Convalescent Hospital only

If you have further questions, please call Joanna Phillips at 831-464-7799 or email me at jpjoanna@aol.com.


Summary

Continuing Care – Life Care

  • Increasing care levels at the same location as residents’ needs change
  • Provides security of being taken care of through stages of aging
  • Residents can maintain friendships
  • Initial buy-in fee, annuity purchase, monthly fees
  • Not for the budget conscious
  • Considered a Life Long Investment
  • May be considered a co-op buy-in
  • Includes: 2 meals per day – pets – Health Care
  • Memory Center
  • Convalescent Hospital – Assisted Living
  • Skilled Nursing – Rehab Services
  • Financial information available upon request

If you have further questions, please call Joanna Phillips at 831-464-7799 or email me at jpjoanna@aol.com.


Reverse Mortgage Specialist

HUD Reverse Mortgage

  • Home Equity Conversion Mortgage (HECM)
  • Unique financing option geared toward 62+ adults who own and live in their home
  • A means for individuals to use their equity without repayment until a future date

What are the Benefits of a Reverse Mortgage?

  • Borrower can never owe more than value of home at the time the loan is paid off
  • Heirs are entitled to balance of Equity

How do we Qualify?

  • The youngest borrower must be at least 62 years old
  • All borrowers must reside in the property
  • The subject property must be the borrower’s primary residence

What Properties Qualify?

  • Single family homes – Townhouses
  • HUD approved condos
  • 2 to 4 unit properties

How may funds be paid to us?

  • Lump sum
  • Monthly payment
  • Line-of-credit
  • Combination of all of the above

When do we repay?

  • When property is sold
  • Owners leave property for more than 12 consecutive months
  • Upon the death of surviving borrower or single borrower

How much can we borrow?
A formula is used including the following:

  • Youngest borrower’s age
  • Value of the property
  • Type of loan
  • Current interest rate

What are the Requirements?

  • Counseling
  • Application
  • Closing Costs

What are our Obligations?

  • Pay your property taxes
  • Pay home insurance
  • Maintain the condition of the property

Summary of important features

  • HUD insured loan
  • No personal liability
  • No restriction on the use of funds
  • No income or credit qualification
  • Pay outs are not considered income
  • Borrower makes no monthly repayment

If you have further questions, please call Joanna Phillips at 831-464-7799 or email me at jpjoanna@aol.com.


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