Skip to content

#207: Using a reverse mortgage to prepare for health care services at home

THINKING AHEAD ABOUT CARING IN PLACE 

Several of your neighbors have sold their homes, with one moving to live with her daughter in another state, the other relocating to a suburban retirement community. But, for your part, you’ve made the firm decision to continue living in your own modest-size Indianapolis home. With all your favorite volunteer and social activities within short driving distance, you are reluctant to ‘start over”. The long-time relationships with various maintenance service providers are also reassuring, and for bigger jobs, your one son has always found good contractors. 

Widowed nine years ago, your income includes Social Security survivor benefits, an annuity from your late husband’s company, and a systematic withdrawal from each of two investment accounts. While you share everyone’s concern about the rise in costs for groceries, gas, and insurance, you feel prepared to cope moving forward.  

What does have you worried is the possibility of needing assistance at home later on.  Even though you’ve kept up with the premiums on a long term care insurance policy, you realize that in the future, even if still “in good health for your age”, you might get to the point of needing more help with household tasks and even with self-care, leading to an unsustainable financial strain.   

Tapping your housing wealth might be the answer to your very legitimate concern about needing help managing your own household tasks and personal care at some future point as you “age in place”, with your home equity becoming a revolving line of credit you can use to fund those future possible needs. In the interim, there will be no need to make monthly mortgage payments. By taking such good care of your home, you’ve actually created a guaranteed to grow “rainy day” fund for later years, allowing peace-of-mind about “caring in place” even as you enjoy “aging in place”.

https://mutualreverse.com/david-garrison

Readers, if you’d like to see what you might qualify for with a reverse mortgage in Indiana, or to download your Reverse Mortgage Guide Click Here (and scroll down).

Borrower must occupy home as primary residence and remain current on property taxes, homeowner’s insurance, the costs of home maintenance, and any HOA fees. David Garrison, NMLS ID 1595194. Mutual of Omaha Mortgage, Inc. dba Mutual of Omaha Reverse Mortgage, NMLS ID 1025894. 3131 Camino Del Rio N 1100, San Diego, CA 92108. Indiana-DFI Mortgage Lending License 43321. Michigan 1st Mortgage Broker/Lender/Servicer Registrant FR0022702. These materials are not from HUD or FHA and the document was not approved by HUD, FHA or any Government Agency. Subject to credit approval. For licensing information, go to:www.nmlsconsumeraccess.org Equal Housing Lender