If your loved one is facing long-term care needs due to a fall or memory loss, a reverse mortgage might help provide the financial resources to cover these costs.
Seniors experiencing memory loss or recovering from a fall often face ongoing expenses related to long-term care, including home modifications, personal assistance, and rehabilitation services. For many, the savings they have may not be enough to cover these expenses, leading them to explore options like a reverse mortgage. By using the equity in their home, seniors can access funds that don’t need to be repaid until they move, sell, or pass away. This financial solution can provide flexibility, but it’s not without risks. Taking out a reverse mortgage can impact the ability to leave an inheritance, and it may also put the home at risk if the loan balance exceeds the value of the home. It’s essential to understand both the pros and cons and to seek advice from a financial planner or elder care attorney before making a decision.