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Using Home Equity
to Fund In-Home Care
If you’re like many homeowners, your house is your greatest asset. Like others, you
may need access to additional funds in order to cover expenses like in-home care or
compensating loved ones who care for you. A Home Equity Conversion Mortgage
(HECM) loan, also known as a reverse mortgage, allows you to put your hard-earned
home equity to work for you. HECM loan proceeds are tax free and can be used to
*
cover the cost of your care needs while you continue to live in your home.
*Consult your tax advisor.
HECM Loan Basics
n You must be 62 or better
n Your home must be your primary residence
Y
n ou pay no monthly mortgage payments
so long as you continue to pay property
taxes, homeowners insurance, and home
maintenance costs
The Facts
n any incorrectly believe that medical insurance will cover in-home,
M
long-term care 1
n 70% of those 65+ will need assistance at some point 2
A
n ging in place has been shown to have health and Tom Selleck
emotional benefits over institutional care 3 Actor and AAG
Paid Spokesperson
n 25% fewer doctor visits occur when home care is in place 4
n 43.5 million family members provide unpaid care for loved ones 5
For more information contact me today!
AAG042