“Reverse Mortgages: 10 Things You Must Know,” by Jackie Stewart, Rachel L. Sheedy, the Editors of Kiplinger’s Retirement Report, March 26, 2021, Kiplinger

 

“Get a large wad of cash! Never make a mortgage payment again! Stay in your home as long as you want! Sounds like a great deal, right? Well, for some older homeowners, a reverse mortgage can be. For others, it’s more perilous than promising. If you’re considering a reverse mortgage, there’s a lot you need to know before signing on the dotted line. … If the person suggests investing the funds in certain financial products, such as long-term care insurance or an annuity, you need to be cautious. Never buy a financial product you don’t fully understand.”

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

It’s always sound advice to know what you’re buying. But if Medicaid didn’t shelter the vast majority of all home equity held by seniors in the USA, using a reverse mortgage to fund private LTC insurance premiums would be a routine, highly recommended practice.