Seniors and Retirees, Consider Using a Reverse Mortgage to Supplement Income

July 13, 2017

For many seniors and retirees, the hard-earned equity in their home is their single largest asset, yet it is unavailable to use unless they take out a home-equity loan. Conventional loans, like the home-equity, do not truly free up the equity to create a legitimate income because the money has to be paid back to the lender, with interest.

A reverse mortgage is a better way to tap into home equity without creating monthly payments and without requiring the loan to be paid back while the borrower lives in the home. Instead of making payments, the cash flow is reversed and the senior receives payments from the lender

Over the last several years the number of reverse mortgages nationwide has increased dramatically. Many seniors and retirees are finding they can use a reverse mortgage to pay off an existing conventional mortgage or other debt, repair and update their home, or to simply free up cash to pay for long term care, medical expenses, and/or general living. Often, a reverse mortgage allows the aging to remain in their home much longer.

Continue Reading: Seniors and Retirees, Consider Using a Reverse Mortgage to Supplement Income

Article Archive, view previous Eldercare Articles

The articles below are provided by the National Care Planning Council. Each article is written to help families recognize the need for long term care planning and to help implement that planning. All elderly people, regardless of current health, should have a long term care plan.

2017 June 5 - The Value of Geriatric Care Management Services

2017 February 22 - How the Funeral Rule Helps Consumers

2016 December 15 - Caring for a Loved One at Home Can Be Challenging

2016 September 22 - Estate Planning As Part of Your Long Term Care Plan

2016 August 18 - Perpetrators of Elder Abuse Are Usually Family Members

2016 June 29 - Osteoporosis - What You Need To Know

2016 May 12 - Include End-Of-Life Planning When Anticipating Long Term Care

2016 March 24 - Gut Health and Antibiotics

2016 February 16 - What Should I Expect to Pay for Funeral and Burial Expenses

2016 January 5 - Arthritis Among Seniors

Article Archive...