Someone turning 65 has nearly a 7-in-10 chance of needing long-term care in the future, according to the Department of Health and Human Services, and many don’t have the savings to manage the cost of assisted living. But they may have a mortgage-free home — and the equity in it, giving them the potential option of a reverse mortgage to help cover care costs as they age-in-place. This article may help you evaluate whether a reverse mortgage might be a good option.
Should you use a reverse mortgage to pay for long-term care?