As families come together for the holidays, conversations often turn to the physical and financial well-being of aging parents.

With people living longer, many working Americans are well into the process of planning their own retirements when they find themselves having to take on the financial care for one or both parents. Statistically speaking, most 60-year-olds have at least one living parent.

Too often, adult children resort to using their own retirement funds for their aging parents’ care, risking their own retirements. In some cases, they postpone their own retirements due to the added financial obligations.

This issue isn’t limited to empty nesters. Gen-Xers and Millennials are increasingly getting married and having children later in life.

As a result, experts say about 12% of younger middle-aged Americans have joined the ranks of a new club – the “sandwich generation” - effectively "sandwiched" between the obligation to aging parents while they still have their own children at home.

What’s worse, many family members who contribute financially to their parents’ care do so using their “after tax” dollars.

Help is available from Bay Equity Home Loans! Home Equity Conversion Mortgage (HECM) loans are home equity loan solutions specially designed for Americans aged 62 and older. Also known as a Reverse Mortgage, an HECM provides access to funds on a tax-free basis. Borrowers should always seek advice from a tax professional.

The HECM allows seniors to put the equity in their homes to work for them - and can go a long way toward making up for retirement shortfalls.

“Adult children of seniors are commonly our first point of contact,” says Glen Smart, Bay Equity’s Divisional VP of Reverse Mortgage Lending. “Assisting their parents in securing a Reverse Mortgage can relieve the burden of paying for a parent’s living expenses.”

Bay Equity Home Loans offers a variety of Reverse Mortgage products that could reduce the cash-flow burden for adult children, and help senior parents remain financially independent.

Disbursed funds can be taken as a lump sum, a line of credit and/or in monthly installments. Seniors continue to own the home. As long as they keep up with maintenance and property taxes, borrowers never have to make monthly payments.

Don’t hesitate to call Bay Equity’s Reverse Mortgage specialists today. The significant increase in cash flow and other benefits from a Reverse Mortgage brings many borrowers – and their families - financial peace of mind.