September 14, 2017

5 ways reverse mortgages help senior homeowners

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