Since mature adults’ healthcare needs are often unexpected, and Medicare and Medicaid cannot be counted on to cover in-home care, these needs can derail the best-laid financial plans.
There is another option for homeowners age 62 and over with equity in their homes –consider a Reverse Mortgage. There are two ways to utilize a Reverse Mortgage. You can eliminate your current mortgage payment to afford quality in-home care services. Or, if you currently have no mortgage on your home, then it is possible that a low cost reverse mortgage line of credit can be an option.
The unused portion of any reverse mortgage line of credit grows, making more funds available over time. You can even use the proceeds to purchase a long term care policy.
And unlike a traditional mortgage, there are no monthly principal and interest payments required. (As with any home-secured loan, you must keep current with property taxes, insurance and maintenance fees.)
For more information about healthcare funding with a Reverse Mortgage, feel free to contact:
Reverse Mortgage Specialist
Reverse Mortgage Funding, LLC