“MarketWatch: Pick a Reverse Mortgage Instead of Care Insurance,” by Alex Spanko, Reverse Mortgage Daily
“Reverse mortgage professionals know that partnerships with financial planners could hold the key to endorsement growth, and a national business publication found an advisor who recommends Home Equity Conversion Mortgages over long-term care insurance. MarketWatch this week featured George Gagliardi, a financial planner from Lexington, Mass., who’s “growing increasingly fond” of the reverse mortgage option for clients who come to him asking about long-term care insurance.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
More bad advice from a financial planner. The proper role for a reverse mortgage in funding long-term care is to supplement a borrower’s income so he or she can afford LTC insurance premiums. Otherwise, relying on the RM alone, the client loses the powerful leverage of sharing risk via insurance.