By Marcie Geffner
Seniors can get big benefits from reverse mortgages.
Financial planner Todd Burkhalter at Drive Planning in Johns Creek, Ga., says he's seen "countless situations" where a reverse mortgage is "a perfect fit" for a senior homeowner. Consider five significant reverse mortgage benefits:
1. Reverse mortgage pays for long-term care insurance
Burkhalter recently recommended this type of loan to a widow in her early 70s who owned a condominium, but wanted to leave cash to her grown children who owned their own homes. The income from the reverse mortgage was used to purchase long-term care insurance, which the woman had wanted but felt she couldn't afford. If she doesn't utilize the insurance, her heirs are entitled to receive a death benefit.
Read on: http://www.hsh.com/reverse-mortgage/5-reverse-mortgage-benefits.html
Seniors can get big benefits from reverse mortgages.
Financial planner Todd Burkhalter at Drive Planning in Johns Creek, Ga., says he's seen "countless situations" where a reverse mortgage is "a perfect fit" for a senior homeowner. Consider five significant reverse mortgage benefits:
1. Reverse mortgage pays for long-term care insurance
Burkhalter recently recommended this type of loan to a widow in her early 70s who owned a condominium, but wanted to leave cash to her grown children who owned their own homes. The income from the reverse mortgage was used to purchase long-term care insurance, which the woman had wanted but felt she couldn't afford. If she doesn't utilize the insurance, her heirs are entitled to receive a death benefit.
Read on: http://www.hsh.com/reverse-mortgage/5-reverse-mortgage-benefits.html