Reverse Mortgage - AgingCare.com
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Reverse Mortgage

A loan borrowed against the value of one's home. The agreement allows eligible homeowners of at least 62 years of age to borrow against available equity while the person remains in the home. The loan must be repaid at the time of death or either the primary residence has changed or the home is sold.
  • Use this guide to explore all your options, such as insurance coverage, benefits and out-of-pocket sources, that can be used to pay for home care.
  • A reverse mortgage loan is one option that may deserve consideration as retirement needs grow and savings and Social Security benefits may not be enough to retire on comfortably and with confidence.
  • A reverse mortgage is a type of home equity loan for seniors age 62 and older that is used to turn a portion of their home equity into cash. Is this financial planning tool right for you?
  • Seniors are pitched the benefits of a reverse mortgage as a way to "unlock" the equity in their home and pay for a better lifestyle. If they take advantage of this option, what happens when they no longer live in the home and try to qualify for Medicaid?
  • For some homeowners, a reverse mortgage may be the best way to provide retirement income or pay off debts. However, seniors have other options that may make more sense than a reverse mortgage, depending on their goals and financial situation.
  • Reverse mortgages are becoming increasingly popular ways for seniors to increase their cash flow and cover costs. As with any financial strategy, it’s important to consider the benefits and drawbacks of this method for increasing retirement income.
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  • Adding this one simple step when a loved one creates or changes their will, powers of attorney and other crucial legal documents can minimize unnecessary stress and familial discord down the road.
  • Family caregivers work tirelessly to ensure their loved ones’ health and happiness, but many don’t realize that there’s a legal component to their role. Without these crucial healthcare documents, you may not be able to help when your elder needs it most.
  • Familiarize yourself with the basic legal documents and forms that seniors and their caregivers use to create cohesive legal, financial and medical plans for the future.
  • There are many different legal and financial tools that can be used for Medicaid planning, estate planning and tax planning purposes. A living trusts are one popular option, but it is important to know how this tool works and make sure this is the best fit for your assets, personal situation and goals.
  • Many adult children and caregivers are concerned about how their parents' debts will be handled once they pass. For parents who are in long-term care facilities, there may be some states where children might be responsible for their bills.
  • Some individuals may consider transferring property to a trusted family member as a part of their estate plan or Medicaid planning. However, there are a few different scenarios to consider before opting for such a strategy to ensure you do not lose the property altogether.
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