There are a number of options available for senior citizens who need a little extra financial cushion as they age.

It turns out that a reverse mortgage can do much more than simply provide a little extra spending cash.

In some cases, with good planning, a reverse mortgage can be a literal lifesaver, providing the funds for disability or long-term care.

It has so much potential, that there are stories of reverse mortgages saving two generations of the same family.

Here’s a real-life story where that was the case.

Debbi’s Story

According to a recent story published by the National Reverse Mortgage Lenders Association, Debbi Thues was able to access needed funds for both herself and her father by negotiating reverse mortgages for both of them.

Debbi was only 28 years old when she made the savvy determination that a reverse mortgage was an ideal way to save for retirement. She tried to convince her aging parents to adopt this strategy as well, but her mother had passed away before her father, at last, agreed to look into it.

At 86 years of age, Robert Thues (Debbi’s father) began to need an increasing level of care. He suffered from diabetes and had also begun to develop symptoms of dementia. It became clear that Debbi’s father was in need of round-the-clock care. The grand total would add up to a bill of $6,000 a month, far more than what Robert could access through his pension and Social Security.

As Debbi worked to tie up all the legal matters connected with her father’s decline, she searched in vain for someone who offered reverse mortgages...until her accountant referred her to a Certified Reverse Mortgage Professional® named Angella Conrard. With the help of Angella and a HUD-approved housing counselor, Debbi was able to access a reverse mortgage which paid off Robert’s home equity line of credit, funded necessary home repairs, and provided money for long-term care and prescription medication.

When Robert needed to move into a long-term care facility, the reverse mortgage was paid off out of proceeds from the sale of his home.

A few years later, as Debbi faced the prospect of turning 65, she found herself in need of a reverse mortgage again, this time for herself. She had been collecting disability since 2001 as the result of an illness. She also received a small payment from a private insurance policy, scheduled to cease when she turned 65.

Though initially put on hold due to Covid-19, Debbi was at last able to get back in contact with Angella and purchase a reverse mortgage on her property in Lake Arrowhead, CA.

Debbi’s home appraised for $850,000, allowing her that cushion of freedom she needed to pay off her existing mortgage and access to an additional $140,000 line of credit.

Debbi now has peace of mind knowing that she can live frugally off her Social Security with an emergency fund available if she needs it.

The Takeaway

If you are in the midst of retirement planning for yourself or a loved one, or if you or a family member is coping with declining health, a reverse mortgage can be a lifesaver. With a little research and planning, as well as the right help, you can give yourself that extra cushion to face the aging process with dignity and peace of mind. The original article can be seen here: Click Here.