One reason some of the mature American population chooses a reverse mortgage is to obtain money for long-term care. Long-term care is expensive and can cause undue stress to your and your family. A reverse mortgage will help alleviate some of this burden. A reverse mortgage will assist you with the costs associated with medical care, without increasing your living expenses or debt to income ratio.
The longer you have owned your home, the more equity that you have built. If you are not choosing to move, then using the equity in your home can be put toward your care. However, you may not know how much equity is available to you or that this type of loan even exists.
One factor of long-term care may involve modifying your home to fit any special needs you may have as you age. Using the equity obtained through a reverse mortgage can also help with the costly undertakings of modifying a home to fit special conditions, such as building a wheel chair ramp. This is beneficial to you as the homeowner, and also helps address areas of your home that may now be less safe to you.
As the cost of care becomes more of a concern for the aging population, it is important to utilize those resources, available to you, through the existing equity in your home.
Use our FHA Guide to find answers to all questions related to FHA loan.