Reverse Mortgage to Pay for In-Home Care

A reverse mortgage, technically called a HECM (Home Equity Conversion Mortgage), enables homeowners over age 62 to convert a portion of their home equity into income tax–free funds to pay for in-home care, medical devices and equipment, and home accessibility modifications necessary to age in place during declining health — while potentially insulating their other assets from significant depletion. By using the strategies explained in the linked NAELA Journal article written by fellow elder law attorney and reverse mortgage loan officer Stephen R. Pepe, clients whose choice of long-term care setting is their home will discover that a HECM can sometimes outperform long-termc are insurance polices in terms of the amount of money available for care, the versatility of those funds, startup costs, and ongoing out-of-pocket costs.

Click here for the full article.

If you’re interested in a HECM reverse mortgage for yourself, please call us at 703-691-1888.  Evan Farr is in the process of becoming a licensed mortgage loan officer in order to help our clients who desire to use their home equity to finance their in-home care.