Saving three to six months of living expenses in an emergency fund doesn’t always cut it when you have a dire health crisis. Even if you have a long-term disability policy, you may only receive 60% to 80% of your income. Federal Supplement Security Income (SSI) is much lower, with the average monthly payment being $841 for an eligible individual. As a homeowner, a dire health crisis can impact you financially and non-financially. For instance, reduced mobility could hinder your quality of life in a two-story home. Moreover, lower income could make it challenging to pay your mortgage. Fortunately, there are various avenues you can take if you run into a severe health crisis.
These are the top ways a dire health crisis can affect you as a homeowner.
How A Dire Health Crisis Can Affect You As A Homeowner
Loss of Income
When someone experiences a serious health concern, there’s not enough money to deal with one’s health and property at the same time. This is primarily true when a person has a high deductible (the average deductible is around $8,440 for family coverage). As the medical bills mount, paying the mortgage and utilities becomes challenging. If you fall too far behind, your credit score will take a ding, and you could lose your house.
Limited Mobility
Your mobility could become an issue if you’re living by yourself while dealing with a health crisis. If you have a bedroom on the second floor, you may have to install a costly elevator or motorized stairlift. And even if you can make it up the stairs, having a disability can cause an immense amount of pain in the long run.
Care Requirements
Many individuals with a dire health crisis must transition to an assisted living community or move in with family members. Depending on your health crisis, you may require routine care from a family member or a health professional. You can’t often get this level of aid while living in your primary residence. If you’re in this situation, learn how RHED KEY can help.
Challenges Living Alone
Living alone can become a chore when you’re struggling with an illness or disability. For instance, a once 20-minute meal could take you more than an hour to prepare. You may also have trouble maintaining the property, going up the stairs, and cleaning. We buy houses in Alabama, and we’ll give you a competitive cash offer if you’re ready to change your living environment.
At RHED KEY We Can Help
We’re the leading company for Alabama home cash offers. Whether you’re dealing with the death of a loved one or a wrongful death, RHED KEY can help. We help individuals in various challenging situations (i.e., the homeowner of the property passes away). When you sell to RHED KEY, you’ll get an offer as soon as 24 hours. We’ll also cover the closing costs, and you’ll never have to worry about realtor commission or hidden fees. Don’t wait for months to sell your home on the MLS – contact us today to get a fast cash offer!
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