Reverse Mortgages Provide Alternative to LTC Insurance

A recent article in Financial Advisor Magazine states, “In instances where long-term care insurance isn’t an option for older adults, advisors should consider recommending a reverse mortgage, taken as a line of credit.

“Clients over age 60 may have missed the window to purchase affordable long-term care insurance,” the article states, adding that each year after ago 60 premiums become ‘extraordinarily high’, and it becomes less likely for the applicant to medically qualify.

“A unique feature of the HCEM reverse mortgage many are surprised to learn about its growing credit line. As the borrower ages, the reverse mortgage line of credit contnues to grow, providing access to significantly more funds. This makes the reverse mortgage a superior funding tool versus traditional HELOC, which doesn’t grow over time and requires monthly payments.”