#67 Reverse Mortgage to help fund at-home care
REVERSE MORTGAGE HELPS KEEP HEALTHCARE AT HOME
January 13th, 2022
In the year or so leading up to your retirement earlier this year, you put a lot of thought into planning for both best and worst case scenarios. By and large, you’re satisfied that you’ve made very viable investment and retirement funding decisions. You’re pleased with the remodeling work you had done on your home, including a new roof, heating/AC system, a kitchen update, and a greenhouse for your orchid-raising pastime.
Perhaps most important, you’ve reviewed and updated your estate planning documents and insurance plans. In the course discussing those things, you’ve reached firm agreement on one topic: aging in place. Should ill health be your lot at some point in the future, you both agree, you want to do everything possible to remain in your own home. You believe you would be able to afford hiring help to maintain your property.
Should ongoing medical care become necessary later on, you would opt for at-home nursing care you’ve decided. You’ve done some basic research, and learned that home care can actually be less expensive than assisted living or nursing home care, particularly since your home is paid for. In addition, there are two of you, and you could help each other with everyday needs.
While you’ve certainly done some very comprehensive planning as you move into retirement, it would be smart to set up a contingency plan should the dollars needed to cover at-home nursing care be greater than anticipated. Using the equity in your home, a reverse mortgage loan would provide an if-needed source of funds to pay for whatever in-home medical care might be needed down the road.
Using housing wealth could help you keep your healthcare at home!