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Long Term Care and Reverse Mortgages

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How reverse mortgages can finance long term care


No one wants to talk about it nor does anyone want to think about it. However, discussing and planning for long term care for aging family members is a financial must. According to an August 2013 survey  (“Family and Retirement: The Elephant in the Room”), only 37% of those 50 years and older say that they may need long-term care in the future.

Whether or not you think that you would have a need for long-term care insurance, the 2013 U.S. Department of Health and Human Services date states that 70% of retirees will eventually require it. It is important for families to plan ahead when it comes to the care of elderly family members and to ensure that proper care would be available if the time comes.

Long-term care is important for aging individuals, especially if they find that taking care of themselves and attending to basic needs becomes more and more difficult.  The option and financial ability for families to turn to in-home nurses or assisted living facilities is important. Long term care insurance can be expensive, and most costs are not paid for by Medicare.

One option that you may use to help with financial planning for medical and long term care in the future is to use your reverse mortgage funds. With a reverse mortgage, homeowners can use a portion of the equity in their home to help pay for the costs of the insurance in order to help minimize the costs of care they may need. Some borrowers have set up a credit line for the reverse mortgage funds, so that they or their family members may be able quickly access money if needed.

When planning for your future, oftentimes, many people tend to ignore the possible financial implications of things such as nursing homes, live-in care, and hospital stays. While many plan to stay in their homes, or see their current good health as a good sign – it is important to be prepared for the unexpected. Sometimes finances get in the way of paying for long-term care insurance. If you qualify for a reverse mortgage, it can be an option to help you pay for the long-term care insurance, care costs or even to save for a rainy day.

Because reverse mortgages are available to be used in any way that you please, seniors often turn to it in order to help pay for long term insurance and assist in paying for in-home care.  For seniors who plan on continuing to live in their home indefinitely, a reverse mortgage can be an option to help finance their long-term care insurance. It will allow borrowers who are in need of home health care assistance or other aid, to be able to afford it.

The key to your retirement is to be financially prepared for anything that can happen. Choosing a reverse mortgage can be the answer to your golden years.

If you are interested in learning how a reverse mortgage can be beneficial to you and your family, call 1-888-808-8486 to speak with an advisor. You can also send us a private message here.

Read Related Articles:

How Can You Use Your Reverse Mortgage Funds

Reverse Mortgages for Your Medical Expenses

Image courtesy of [stockimages] / FreeDigitalPhotos.net

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