Someone turning 65 has nearly a 7-in-10 chance of needing long-term care in the future, says the Department of Health and Human Services, and many don’t have the savings to manage the cost of assisted living.
But they may have a mortgage-free home — and the equity in it, giving them the potential option of a reverse mortgage to help cover care costs. That’s according to an article written by NerdWallet writer Kate Ashford that was published by the Associated Press.
Ashford writes, “If you think you’ll have trouble covering a future long-term care need, you can get a reverse mortgage now, when home values are high. An unused line of credit grows over time, so your balance will have increased by the time you need the money.” Read the full article.