New Study Shows Reverse Mortgages Can Help Pay for Long Term Care

SAN FRANCISCO  – A new study by The National Council on the Aging (NCOA) shows that using reverse mortgages to pay for long-term care at home has real potential in addressing what remains a serious problem for many older Americans and their families.

The report written by Scott Parkin points outs that many senior homeowners 62 and older are eligible for a reverse mortgage.   According to the study, out of the nearly 28 million households age 62 and older, some 13.2 million are good candidates for reverse mortgages.

“We’ve found that seniors who are good candidates for a reverse mortgage could get on average $72,128.  These funds could be used to pay for a wide range of direct services to help seniors age in place, including home care, respite care or for retrofitting their homes,” said Project Manager Barbara Stucki, Ph.D. “Using reverse mortgages for many can mean the difference between staying at home or going to a nursing home.”

This report is something we think senior homeowners need to know.  If you want more information about whether a reverse mortgage can be a solution for you, please feel free to visit our website www.seniorsrighttoknow.com or give us a call at 800-242-5085. 

(source NCOA)