Using a Reverse Mortgage to “Age in Place”
Did you know that 70% of retirees at some time later in their life will need long term care? I am currently seeing a trend in Orange County for older retirees who want to “age in place” (live in their current home) who now need 24-hour care. In home care can cost at least $6,000 per month.
A Reverse Mortgage Can be the Best Option
In this trend, I also noticed they didn’t have long-term-care insurance in place so their only options are to either sell the property or do a reverse mortgage. In most cases, by doing so, the retiree will be able to stay in their home to pay for the long-term care. Because there are so many options for a reverse mortgage and what is best for the borrower, I make sure those options are well discussed, quite often in person.
And to be proactive for future retirees, it’s a good idea to get an analysis of how much a future line of credit growth could be available to them to make sure they have the option of staying in the home. A reverse mortgage line of credit is guaranteed a growth rate of 1.25% ABOVE the loan note rate! A reverse mortgage is another planning tool for you to be prepared for your retirement.
If you would like to learn more about your options through a reverse mortgage, contact me. I’d be happy to sit down and answer your questions. Visit www.TallMikeReversePro.com for contact information.
About Reverse Mortgage Agent Michael Godfrey
Michael Godfrey is an experienced reverse mortgage originator serving clients throughout Orange County since 2001. If you have questions about reverse mortgages, contact Michael at TallMikeReversePro.com