“Seniors turn to reverse mortgages as a cash lifeline during the coronavirus crisis,” by Ilana Polyak, CNBC
“What will COVID-19 do to Social Security’s finances?
“More seniors turn to reverse mortgages as a cash lifeline during the coronavirus pandemic. A reverse mortgage can be used in correlation with other retirement income strategies to lessen what’s known as ‘sequence of return risk.’ Applications for reverse mortgages were up 15% in March, according to Reverse Mortgage Insight.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
I’ve long predicted that reverse mortgages would fill the LTC financing gap left when Medicaid retreats. The virus pandemic will expedite that process, stressing Medicaid, increasing reverse mortgages and, in the end, growing LTC insurance sales.