Oct 15, 2016 by Jim Winn
If you want to stay at Home for the rest of your life but don’t think you can afford it, think again.
Many people think that because they don’t have a long term care policy or may short on savings, going to Assisted Living or Skilled Nursing is their only option. If you want to stay at home or purchase another home in order to downsize a reverse mortgage may be a consideration.
The National Council on the Aging (http://www.ncoa.org) has endorsed the reverse mortgage as a viable option to fund seniors living expenses when they want to stay at home. If you are not familiar with a Reverse Mortgage, a reverse mortgage allows you to instead of you making payments to mortgage company you receive a monthly payment or lump sum from the mortgage company. This money can be used for any purpose, such as living expenses, home care, home repairs to make the house handicap accessible or to downsize to a smaller home. The loan is repaid only after the last borrower moves out of the home or dies, then the loan is paid by the borrowers or their heirs through selling their home. The loan is paid off along with interest that was well as the interest on the interest.
The idea of taking a loan on your home may be difficult to grasp particularly If your house is paid off or close to being paid off. But if you consult with a Financial Adviser or Mortgage Specialist you may find that this is your best option.
About the Author
Thomas R. Sirico is the Executive Business Director at Family First Funding in Red Bank New Jersey he can be reached at: