A reverse mortgage is often a short-term solution to a much longer-term problem that takes many Medicaid Planning options off the table.
Unfortunately, we often see families who have a substantial debt incurred under a reverse mortgage which was used to pay for home health care needs. Now that the health situation has worsened and greater levels of care are needed, the ability to do a partial sale of the home to family, transfer the house into an irrevocable trust, or any other steps to save what may be the families’ biggest asset from being lost to the nursing home are now null and avoid until the mortgage is paid off.
There are some situations where a reverse mortgage could make sense in an overall GamePlan to eventually qualify for assistance, but jumping into a reverse mortgage without thinking the entire plan through could end up having the family lose the house or its value to longterm care costs. There might be better options.
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