Use Your Home To Stay At Home
The National Council on Aging has recently promoted a solution to the long-term care problem for seniors: reverse mortgages. As part of its "Use Your Home to Stay at Home" program, the NCOA suggests that the 80% of home-owning seniors over age 62 think about mortgaging their homes through a reverse mortgage, which will provide them with cash in exchange for home equity. In this way, a reverse mortgage can assure home ownership while offering seniors a way to remain at home in their old age.
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A reverse mortgage can also provide seniors with extra cash to fund expensive long-term care insurance purchases. In addition, in light of recent problems with Medicaid, a reverse mortgage can help to free seniors from worries about future medical cost coverage.
While some seniors may be concerned about the loss of equity that a reverse mortgage will entail, and while others may worry that a reverse mortgage will inhibit them from leaving their homes to their heirs, the NCOA recommends that seniors give reverse mortgages serious consideration. By consulting with a financial advisor, seniors might find that the benefits of a reverse mortgage far outweigh the costs.
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