You can borrow up to 70% of the appraised value of their home up to $510,400 The mortgage will pay monthly benefits which will increase by 3% yearly.
The monies can be applied to various in home or out of home care needs, renovations, long-term care insurance premiums, prescription drugs, meals and other living needs.
An applicant must meet other qualifying criteria as well.
You can visit the Connecticut Housing Finance Authority at CHFA.org or contact Ron Bellenot at the law offices of Bellenot & Boufford, LLC if you have any additional questions. Ron is happy to give you a free phone consultation to determine if there are other available programs.