Evening Prayer: Choosing the Better Part

Could Your Home Pay for Long-Term Care?

Many of us dream about growing old comfortably in the home we love. But as care needs increase, so do the costs, often reaching over $5,000 a month for in-home assistance. If you’re 62 or older, a reverse mortgage can offer a practical solution by turning home equity into tax-free cash (without giving up ownership or moving out). That means you can stay in familiar surroundings, get the care you need, and preserve your independence – all on your terms. To qualify for a reverse mortgage, you must meet the following requirements:

• You must be at least 62 years old.

• You must own your home outright or have a low remaining mortgage balance that can be paid off at closing with reverse mortgage proceeds.

• The home must be your primary residence (not a second home or rental property).

• Eligible properties include single-family homes, FHA-approved condos, townhomes, and certain multi-unit properties (up to 4 units, as long as you live in one).

• You must demonstrate the ability to pay property taxes, homeowners insurance, and maintenance costs.

• You must complete a HUD-approved reverse mortgage counseling session to ensure you understand the loan terms and implications.