Ask the Expert

Banking

 

Senior Living

How can I pull money out if I refinance?

What should I expect after a hospital stay? Will a short stay in a Skilled Nursing Home help me to recover quicker?

The key to being able to refinance and pull money out is whether or not your property has gone up in value. For example, if you originally obtained a 100% LTV (loan to value) mortgage and prices haven’t moved up, there’s no way to pull equity out of your property -- you don’t have any equity! On the other hand, if since you bought the price of your home has gone up 50%, you should have a lot of equity you can pull out no matter how big your original mortgage. Usually, before letting you pull equity out, lenders want to see that you have at least 20% equity.

VargasCarman.jpg

Kathleen C. Aiken

Associated Bank

Older patients are challenged with a difficult recovery after a hospitalization due to co-morbidities, frailty, and restricted activity during the hospital stay. The consequence is that older adults may benefit from a short term rehabilitation stay at a skilled nursing facility after a joint replacement, cardiac surgery, or a fall at home. Medicare A reimburses 100% of SNF services for the first 20 days if a patient qualifies with a skilled need.

The benefits of skilled nursing facility rehabilitation:

Click below for benefits.

Heather Mortenson

Program Director