The writer is a reverse mortgage broker in Canada. He specializes in reverse mortgages to help seniors life their life in dignity. Reverse mortgages can greatly assist the elderly in living their lives to the fullest.
W hat many people have now house, neighborhood, friends, church, club-is exactly what they’d like to keep. Unfortunately many of them simply don’t know how, or where, to look to find the funds to help them age in place. And, the immediate key for the present group of seniors is supplementing income for everyday expenses while affording long-term care. The two represent the most delicate balance in this country today-if you spend for one, you simply don’t get the other. The need for long-term care will generate a rush of reverse mortgage applications for decades to come. A reverse mortgage may not be the only avenue taken to offset the costs of retirement living, but many analysts believe it could easily emerge as the secret sauce.
Dr. Barbara Stucki, a Bend, Oregon, researcher and consultant, completed a study for the National Council on the Aging (NCOA) that supports tapping into home equity via a reverse mortgage as the critical financing vehicle to help seniors afford long – term care services at home.
Stucki, former senior policy analyst for the American Council of Life Insurance and an MRP employee, was the project manager and lead author of National Blueprint for Increasing the Use of Reverse Mortgages for Long-Term Care. The NCOA, with the support of the Centers for Medicare and Medicaid Services (CMS) and the Robert Wood Johnson Foundation, sought to find a way to increase the use of home equity to fund long-term care services and insurance, thereby curtailing the financial disaster predicted for Medicare and Medicaid.
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