Without question, it costs a lot of money to stay healthy in America.
When Dave and Linda retired they planned on twenty plus years of golf, travel and spending time with their kids and grand kids. They had (they thought) sufficient savings to carry themselves over those unforeseen expenses that are just part of everyday life. Then Dave found out he had become “on average” and would need long term care. “On average” someone turning age 65 today has almost a 70% chance of needing some type of long-term care services.
What if I need long term care?
Here are median costs for SoCal according to the Genworth Cost of Care Survey:
To stay at home…use your home
A man much wiser than me once said “the best time to have money is when you need it”.
Your home is likely your most valuable asset and its equity is your most versatile asset. Does it make sense to bear the burden of long term care costs when your most valuable asset could provide the relief you’re looking for?
The New Reverse Mortgage to the rescue
Dave and Linda realized they didn’t have sufficient savings to cover the costs of long term care.As Dave’s condition worsened they knew they would to look under every rock and that included using the equity in their home to help defray the skyrocketing costs of healthcare.
According to a recent AARP survey over 80% of retirees want to “age in place” and Dave and Linda were definitely part of that 80%.
The New Reverse Mortgage is one of a number of possible solutions to make it possible. Properly structured it can be used to pay for the actual costs of long term care and/or the premiums for long term care insurance.
The peace of mind knowing you’ll be able stay in your home
There are a number of good reasons to consider The New Reverse Mortgage, but perhaps the most overlooked is also the simplest; “Peace of Mind”. Knowing the money will always be available (as long as you continue to reside in your home) for whatever life throws at you.
Regardless of the outcome of the health care battle in Congress, nagging concerns about outliving your savings or anxiety about the “what ifs” that might require money is draining. The New Reverse Mortgage may be the answer to giving you the peace of mind you’re searching for and that you’ve done your best to use your home to stay at home.
The New Reverse Mortgage isn’t for everyone…but it could be!
If you’re still wondering if The New Reverse Mortgage is the right solution for you but you’re not ready to sit down with one of our Reverse Mortgage Experts, then we’ll be happy to mail (or email) you Use Your Home to Stay at Home which is the official federally approved consumer booklet for those considering a reverse mortgage.
Some of this information first appeared on fiftyplusadvocate.com
From the desk of Greg Cook