Wednesday, October 27, 2004

Reverse Mortgages – Using Your Home to Protect Your Home

One of the greatest fears senior homeowners have today is that of losing their home due to the costs of extended medical care treatment. For seniors who can qualify for long-term care insurance, the costs of these insurance premiums is money well spent. While long-term care premium costs may look expensive if paid out of pocket, these same costs are tiny when compared to the value of a typical home. Senior homeowners, 62+ years old, can access some of this equity through easy-to-qualify-for, low-interest rate reverse mortgage loans and tap into some of the unexpectedly large accumulation of equity that has built up in their property. In 2003, The National Council on Aging (NCOA) began a program called Use Your Home to Stay at Home™ to promote the increase in the appropriate use of reverse mortgages so that millions of homeowners can tap home equity to pay for long-term care services or insurance.


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