Consider a Reverse Mortgage to Pay for Aging at Home

Consider a Reverse Mortgage to Pay for Aging at Home

A reverse mortgage, in which payment flows from the lender to the homeowner, is one way people age 62 and older can convert a portion of their home equity into cash in order to live longer in their homes, even if they have chronic health conditions. Use Your Home to Stay at Home (20 pages, PDF), published by the National Council on Aging, outlinees the costs of home-health care, the benefits and challenges of using a reverse mortgage for "aging in place," and a variety of other options such as home-equity loans and long-term-care insurance.