Home Equity Conversion/ Reverse Mortgages
In This Chapter
• When your house becomes a bank
• The three types of reverse mortgages
• Why you should consider a reverse mortgage
Most of us do not have high enough income to pay for long-term care out of our monthly budget. If our income is not enough to cover our care costs, we must turn to our savings. A quick look at our savings, which may be in stocks or bank accounts, may quickly show that our life savings would eventually run out if we liquidated them to pay for extended long-term care. Whether we run out of money quickly or slowly depends on the cost of our care, but most importantly on how much money we have.
However, many seniors don’t consider that they have access to a huge asset ...