Reverse Mortgages and Home Care

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reverse mortgage and home careReverse Mortgages for Funding Home Care

When faced with how to pay for home care many families are at a loss. Most seniors are “caught in the middle” can not qualify for Medicaid but also can not pay for home care on their own. Many people have found that using a reverse mortgage is the most beneficial way to pay for home care services. A reverse mortgage is like a home equity loan and you borrow against the equity of your home. The good news is that you do not have to sell your home to enjoy the benefits or have to make any payments until you move out of the house.  There are many benefits to using this option for home care.Here is what you will need to know:

 

Using Reverse Mortgage for Home Care

 

  • You can choose to receive a lump-sum payment, a monthly payment, or a line of credit
  • There are no restrictions on how you use the remainder of the money
  • You continue to live in the home and you retain title and ownership of it
  • You are also still responsible for taxes, hazard insurance, and home repairs

 

  • You must be age 62 and older
  • Unlike a traditional mortgage, you do not have to provide an income or credit history to get the loan
  • The home must be your primary residence
  • As long as you spend the payments you receive in the month that you receive them, the money is not taxable and does not count towards income or affect Social Security or Medicare benefits

 

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Here is another informative article that outlines the use of Reverse mortgages

Reverse Mortgages and Home Care