Dale M Krause
Expert
A reverse mortgage is a financial option that allows seniors to access the equity in their homes to cover the cost of home health aides. This option is handy for seniors who lack liquidity or have not obtained long-term care insurance while they are young, healthy, and without cognitive impairments.
With a reverse mortgage, you can receive funding secured by your home equity, which you must repay when you die or leave your home. The repayment usually occurs when your home is sold.
You must be 62 years old to qualify for a reverse mortgage, and you should understand the implications of using one for long-term care. However, using a reverse mortgage could put your family home at risk if you fail to maintain it, keep it insured, or pay the real estate taxes.
With a reverse mortgage, you can receive funding secured by your home equity, which you must repay when you die or leave your home. The repayment usually occurs when your home is sold.
You must be 62 years old to qualify for a reverse mortgage, and you should understand the implications of using one for long-term care. However, using a reverse mortgage could put your family home at risk if you fail to maintain it, keep it insured, or pay the real estate taxes.
