Medical Needs Can Be Met with a Reverse Mortgage
July 6th, 2010
July 6th, 2010
Many seniors need financial assistance to meet their medical expenses and health care payments, and a reverse mortgage could be a good option.
Close to half of all seniors over the age of 65 are in need or will need long term health care, and most don't have long term care insurance. This will be a financial burden because neither Medicare nor Medicare Supplemental Insurance will cover the costs of these needed services, whether in your own residence or in any type of nursing facility.
A great number of financial and retirement planners suggest that their clients consider a reverse mortgage to completely fund or at least help fund the cost of medical costs and/or long term care insurance premiums. Using the equity in your home via a reverse mortgage to pay for these costs can serve as a way to protect your assets for your heirs.
Be sure to talk to your financial planner and a reverse mortgage specialist to determine if this is the right choice for you.
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