Reverse Mortgages Help Family Caregivers

Reverse Mortgages Help Family Caregivers

Reverse Mortgages Help Family Caregivers

Reverse Mortgages Help Family Caregivers

Reverse Mortgages Help Family Caregivers: Millions of retirees will receive long-term care – not from an assisted living facility or home care agency, but from their adult children – and a reverse mortgage could provide needed funds to pay for such services, according to an article that appeared on ThinkAdvisor.com, entitled Preparing Clients for Family Caregiving.

While family caregiving is often a less-than-ideal situation brought about by a lack of assets or an inability to qualify for long-term care coverage, it doesn’t have to be. It can take a toll on caregivers and recipients alike, but with proper planning, clients, their parents and their children can preserve their assets and make the most of the situation, wrote freelance journalist David LaMartina.

“For seniors lacking liquid assets, a reverse mortgage or home equity line of credit may also provide the income necessary for adult children to become full-time caregivers,” commented LaMartina. “Unlike LTCI benefits, home equity payouts aren’t qualified, and they can be flexibly used to pay for family care, part-time professional care, home renovations and more.”