Sometimes the elderly are faced with paying for medical needs or home care that exceeds their income stream or they do not want to take away from that income stream so they deny themselves access to services or products that could enhance their lives. Of course, everyone has heard about the reverse mortgage option, but it received bad press a few years ago that still sticks to it today. So it’s time to clear up some of the myths. Is a reverse mortgage a good choice for you? It depends, but take the time to learn the facts about it, especially if you are looking for another revenue stream to pay for medical devices, medical procedures, home care or medicines. Watch this video to learn the following and more:
Do you Know
- A reverse mortgage is an FHA government insured loan.
- You have to be at least 62 to apply for one.
- How a reverse mortgage works?
- Who’s responsible for it?
- That it does not affect your medicaid or medicare status.
Learn this and more from a Ben Newell, a reverse mortgage expert from Towne Bank in an interview with Shirley McGee, president of Home Sweet Home Care Inc.