A reverse mortgage can help cover the costs of rehabilitation and in-home care following a fall, allowing seniors to access the equity in their home.
For seniors recovering from a fall, the costs of medical treatment, rehabilitation, and in-home care can be overwhelming. A reverse mortgage may provide a way to tap into the equity of one’s home to help pay for these expenses. With a reverse mortgage, homeowners receive payments based on the value of their home, which they don’t need to repay until they move, sell the property, or pass away. This can be especially helpful for those who may have limited income or savings and need assistance with daily activities like bathing, dressing, or meal preparation. However, it’s important for seniors to fully understand the risks, including the impact on inheritance and the potential for the loan to become due if the homeowner moves or passes away. Families should consult with a financial advisor to determine if a reverse mortgage is a suitable option for their loved one’s care needs.