One of the benefits of a Reverse Mortgage is that it can be a very powerful tool that provides retirees the financial independence and mobility to help themselves and their families plan and pay for at home care, on their own terms, in retirement. There are an abundance of quality home care options available. Whether it be basic care, skilled care, or even dentistry or imaging procedures, quality care for seniors is available in your home. The most efficient and affordable method and place for care, health permitting, is often seen as in your home versus relinquishing your residence and making a major lifestyle change to a care facility. Having said that, paying for care and planning for expected care needs is important to maintain comfort and lifestyle as we age. Many seniors do not have the income or savings to pay for personal care, home modifications to age in place or long term care insurance but do have financial resources in the form of equity in their home and this is where a Reverse Mortgage can help.
How can a Reverse Mortgage help pay for Home Care Solutions?
It is important to note that these options are very flexible. The only mandatory option at the closing of a HECM Reverse Mortgage is to pay off any current mortgages or liens on the property. When the need for care or additional planning becomes eminent, you will have a government insured vehicle, in the form of a HECM Reverse Mortgage, in place at your disposal to access your home equity as needed. Contact one of our Reverse Mortgage Specialists today to learn more about how to pay for in home care for yourself or a loved one with the benefit of a Reverse Mortgage.