“A rose by any other name may smell just as sweet, but when it comes to a home equity loan, one that is labeled ‘reverse mortgage’ just plain stinks. That’s the conclusion of new research released Wednesday by the National Council on Aging (NCOA), a nonprofit advocacy group supporting older adults. Like it or not, finding ways to unlock home equity may hold the key to retirement security for many aging baby boomers.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
What a strange opening sentence for an article singing the praises of reverse mortgages. RMs got a bad rap from advisors similar to the fate of LTC insurance. Both misapprehensions should be corrected. Point is well taken that home equity is the key to retirement security for many aging Americans. Putting home equity at risk for LTC by removing or reducing Medicaid’s home equity exemption would also unleash demand for LTCI.
Reverse mortgages have an image problem