Many people fear getting a reverse mortgage because it will tap into “the last reserve” they have – their home. This is a reasonable concern. If something goes wrong with the homeowner’s health, living in the home may not be an option. Moreover, if that homeowner is well into a reverse mortgage, and the majority of the equity has already been accessed, there can be a need to move into a smaller house or assisted living, and little cash to do it with.

Coupling a reverse mortgage with long-term care insurance can be a way to hedge against this potential problem. The event that can cause a problem is debilitating health. However, purchasing an insurance policy can be quite expensive. Maybe the best answer is a term policy that will tide the homeowner over until potential future medicaid qualification.

Many of our website visitors have asked the question of long-term care insurance and/or what to do if they are forced to move out of the house with little equity left. The above is just a brainstorm and is only a possibility. We at Reverse Mortgage Page do not give legal advice, but we do recommend seeing an elder law or senior specialist attorney when considering a reverse mortgage. If you have never seen an attorney for your planning, getting a reverse mortgage can be an excellent time to do so.

The key when deciding between attorney options is to find someone who specializes in senior issues and/or elder law. The attorney should also be familiar with reverse mortgages. It is rare to find an attorney who is a “reverse mortgage expert.” Because the product is comparatively new, not many legal professionals have the vast array of knowledge needed to be considered an expert.

Many people fear getting a reverse mortgage because it will tap into “the last reserve” they have – their home. This is a reasonable concern. If something goes wrong with the homeowner’s health, living in the home may not be an option. Moreover, if that homeowner is well into a reverse mortgage, and the majority of the equity has already been accessed, there can be a need to move into a smaller house or assisted living, and little cash to do it with.

Coupling a reverse mortgage with long-term care insurance can be a way to hedge against this potential problem. The event that can cause a problem is debilitating health. However, purchasing an insurance policy can be quite expensive. Maybe the best answer is a term policy that will tide the homeowner over until potential future medicaid qualification.

Many of our website visitors have asked the question of long-term care insurance and/or what to do if they are forced to move out of the house with little equity left. The above is just a brainstorm and is only a possibility. We at Reverse Mortgage Page do not give legal advice, but we do recommend seeing an elder law or senior specialist attorney when considering a reverse mortgage. If you have never seen an attorney for your planning, getting a reverse mortgage can be an excellent time to do so.

The key when deciding between attorney options is to find someone who specializes in senior issues and/or elder law. The attorney should also be familiar with reverse mortgages. It is rare to find an attorney who is a “reverse mortgage expert.” Because the product is comparatively new, not many legal professionals have the vast array of knowledge needed to be considered an expert.