Long-Term Care Affordability and Reverse Mortgages

There is no doubt that with America's aging population there will be a huge demand for senior care services.  However, long-term care insurance may not be affordable for many in their later years due to extraordinarily high premiums and the lower likelihood to medically qualify.  A recent article in Financial Advisor Magazine states that, "Clients over age 60 may have missed the window to purchase affordable long-term care insurance."  The article does recommend that a reverse mortgage should be considered as an alternative option, and it highlights the Home Equity Conversion Mortgage (HECM) line of credit feature.  As the article states, "A unique feature of the HECM reverse mortgage many are surprised to learn about is its growing credit line.  As the borrower ages, the reverse mortgage line of credit continues to grow, providing access to significantly more funds.  This makes reverse mortgages a superior funding tool versus a traditional HELOC, which doesn't grow over time and requires monthly payments."

Read the entire article here.

For more information on reverse mortgages and other related topics contact:

Rick R. Rodriguez
Certified Reverse Mortgage Professional, CRMP
NMLS# 473353
Toll Free (877) 500-0454
Local (702) 460-6222