Long Term Care & Reverse Mortgages

Long Term Care

 


Long Term Care & Reverse Mortgages

Indeed the aging baby boom generation has been described as a coming earthquake that will shake the foundation of the long-term care system. To clarify the preliminary findings of a new study under development by The National Council on the Aging (NCOA) shows options. Such as using reverse mortgages to pay for long-term care (LTC) at home.

Long Term CareSpecifically out of 27.5 million elder U.S. households (age 62+) 15 million could qualify for a reverse mortgage. Additionally of that total 13.2 million are candidates for using reverse mortgages to pay for LTC at home. To explain this is being funded by the Centers for Medicare and Medicaid Services and the Robert Wood Johnson Foundation.

The preliminary findings are part of the NCOA’s National Blueprint for Increasing the Use of Reverse Mortgages for Long-Term Care.

Additionally the blueprint will offer new insights into the potential market for reverse mortgages along with recommendations for administrative action, regulatory changes, consumer protections, and demonstration programs.

Up until now, most seniors have not tapped the equity in their homes.

To clarify it is estimated at some $1.9 trillion, to pay for home modifications that support aging in place or for healthcare services at home. Moreover noting that the average income of men aged 65 and over is $28,000 and $15,000 for women. Additionally this study shows that unlocking these resources can help millions. Especially the house rich, cash poor seniors purchase the long-term care services they feel best suit their needs.

Identifying Hazards In the Home
To explain many seniors are beginning to think about ways their homes can be modified to adapt for current or future age-related concerns. Solutions for problems often exist but people are not always aware that products, or often simple changes, can be incorporated into the home that provide greater safety and accessibility.

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