Monday, September 22, 2014

Boomer Watch: Reverse Mortgage as Long-Term Care Solution

People are living much longer nowadays, and with the crisis of aging dramatically bringing more issues than ever, the cost in maintaining your well-being is the most talked about. The cost of long-term care services is startling, and even though people may want to purchase long-term care insurance, affordability is the main problem.

Long-term care insurance is often viewed as an expensive product and with anticipation of future rate increase, many wouldn't want to invest their money worrying that they will be paying the premiums for nothing if they don't ever need it.

One alternative way to pay for care is using reverse mortgage. It's gaining popularity due to confusion and lack of understanding. For others, they would only consider resorting to reverse mortgage as  as the last option. On the other hand, some people finds it interesting that they can tap into their home equity to pay for long-term care expenses without having to sell their houses.

Some states have pointed the importance of using it as stated in an article published in reversemortgagedaily.
Would you consider reverse mortgage as a solution to ltc?

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