Reverse mortgages
Reverse mortgages can help cover care and other expenses.
A reverse mortgage is available if you’re considering home care or only one spouse needs to move into senior living.
If at least one homeowner is staying in the home, and this person is at least 62 years old, you may be able to use a reverse mortgage or a Home Equity Conversion Mortgage (HECM) to pay for care. A reverse mortgage can also eliminate mortgage payments or consolidate other debts, allowing you to redirect funds toward needed care and services.
Why should I consider a reverse mortgage?
Cover care and other expenses
Could eliminate mortgage payments
Safe and secure process
How do I know a reverse mortgage is right for me?
Whether your loved one wants to remain in their home, or one spouse is remaining at home while the other enters senior living, a reverse mortgage may help pay for their care.
With increased rules and regulations surrounding reverse mortgage, this option is safer and more secure than ever. Application and approval can take up to 90 days and a carefully structured process ensures the client is completely informed before making any decisions.
Consumer education requirements include receiving information and HUD-approved financial counseling. ElderLife works with trusted, licensed reverse mortgage partners, and only refers families to government-approved programs. These knowledgeable experts can walk you through the required procedures to determine if a reverse mortgage is right for you.
Talk with us to learn if a reverse mortgage could be right for you and your loved ones.
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