Have you planned for your long-term care needs? With 10,000 Americans turning 65 every day1, there will come a point when they will not only need medical and preventive care but may also require ongoing care in retirement from a home healthcare provider.
The costs of long-term care needs can add up quickly and put a large dent into your savings if you’re not prepared. Research shows that 56% of retirees believe that Medicare will cover long-term care expenses however, it does not and never has paid for ongoing long-term care.2
Although nearly half of the middle-income boomers believe they will need retirement care someday, almost 80% do not have savings for that care.2 In 2022, the average annual cost of nursing home care in a semi-private room was $97,747, and $111,657 for a private room.3
Older adult homeowners who are planning for long-term care may want to consider a reverse mortgage loan as a source of additional funds. A reverse mortgage allows homeowners 62 and older access to a portion of their home’s equity as cash. Borrowers do not have to repay the loan if the home is their primary residence, pay property taxes and insurance, and maintain the property according to the Federal Housing Administration (FHA) requirements.4
With a reverse mortgage, homeowners can continue to live independently in their homes. The proceeds from a reverse mortgage can be used to pay for long-term care, and make modifications or improvements to their home (making it safer and more accessible) which can allow them to age in place for the foreseeable future.
A reverse mortgage may also assist with long-term care if one of the spouses needs immediate care and help with expenses associated with in-home skilled care.
If you’re interested in learning how a reverse mortgage may help with long-term care, call 1-800-976-6211 to speak with a licensed loan officer.
Disclosures:
1 https://www.hhs.gov/aging/index.html
3 https://www.seniorliving.org/nursing-homes/costs/
4 You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.
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