Using a Reverse Mortgage to Pay for Long-Term Care

Hi, my name is Angella Conrard, Certified Reverse Mortgage Professional, and in this video, I will talk about the benefits of using a reverse mortgage for long-term care. Many believe reverse mortgages are only for retirement, but that’s not true. You can use a reverse mortgage for any purpose, including long-term care.
A reverse mortgage offers several advantages over traditional long-term care policies. Unlike long-term care plans that require you to pay ongoing premiums regardless of whether or not you ever use them, a reverse mortgage only requires one-time closing costs. Additionally, long-term care plans typically have an elimination period that can cause delays in gaining access to funds; however, with a reverse mortgage credit line, there is no delay, and you can easily request wired funds quickly. Lastly, although long-term care policies don’t provide refunds if you never need the services, ,,,if you don’t use your funds from a reverse mortgage, they remain intact. They do not disappear, nor do you have to wait until death to benefit, like in a traditional long-term care policy.

A reverse mortgage is an excellent option for those looking to prepare for their long-term care needs. It offers several advantages over traditional long-term care policies and can provide you with the funds needed without having to pay ongoing premiums or wait until death to benefit. If you have any questions about how a reverse mortgage works and if it’s right for you, please don’t hesitate to reach out! And remember: subscribe now so you don’t miss my next video on reverse mortgages. Thanks for watching – I’ll see you soon!