​Funding can come from personal sources such as savings or perhaps taking out a loan. When considering the loan option, it’s important to be aware of interest rates and terms. Some credit cards for example offer 0% to low-interest rates but it’s important to understand for how long or if those rates jump up after a certain period.

One of the biggest areas of funding that people can potentially draw from is their home. As of the beginning of 2024 according to an ICE’s Mortgage Monitor report, the average equity a homeowner holds is about $299,000. The challenge most have is being able to tap into that equity. However, there are four main ways to access your home equity which include a cash-out refinance, a home equity line of credit (HELOC), a home equity loan, or a reverse-mortgage. 1. In a cash-out refinance, needed cash is taken out and a new mortgage adjusts for this and replaces the existing mortgage. 2. In a HELOC, a line of credit is given based on the equity of the home and it works like a credit card based on an interest rate. HELOCs usually require maintaining a 20% equity level. 3. A home equity loan is a second mortgage that allows one to borrow against the equity of the home. With all three of these options, it’s important to speak to your bank or mortgage lender to understand the various guidelines. 4. A reverse mortgage is a type of home loan that enables those 62+ to receive money from the lender that is taken out of the equity of their home. The payments are tax-free and the loan must be repaid upon death of the homeowner or when they sell or move.

Cancer has a broad impact on many families that touch the community. That is why there are community resources available including religious and charitable organizations. The support can be direct financial assistance but most often provide support services that alleviate the overall financial burden by assisting with lodging, counseling and support, transportation, wellness programs, home care, and meal delivery programs to list a few. Here is a link that provides a start to identifying various cancer resources.

Another way to fund cancer therapies is to start a fundraiser or crowdfunding (raising money from a group of people over the Internet). One of the simplest ways to start crowdfunding for cancer care is to do a campaign on GoFundMe. With a story about your loved one, a photo, and the financial need, a project can get started. A more traditional fundraiser can entail selling items like baked goods, candy, and even lemonade to collect donations for the cause. Whatever is decided, it’s important to get the word out making as many people as possible aware of the help needed.

Even though many health insurance plans do not traditionally cover alternative therapies, some do. It’s still worthwhile and important to check especially if the treatment has been recommended as the only viable option. Moreover, other resources can help advocate for you to get the maximum benefit from your insurance provider. A healthcare biller serves, for a percentage, as an intermediary for a patient to secure benefits from an insurance company. One partner we’ve recommended to patients is Medical Bill Gurus.