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Senior News
Using reverse mortgages to pay for long-term care has real potential...
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Sandra Block
"For many retirees, the golden years are starting to get a little green around the edges."
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John W. Gilbert
"Reverse mortgages allow older homeowners to convert the accumulated equity in their home into cash"
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[August 9, 2005] The Augusta Chronicle
Study Says Seniors Benefit From Reverse Mortgage
Reverse mortgages could be used by millions of older adults to pay the rising costs of long-term care, a study by the National Council on Aging has found.
"One of the paradoxes of our long-term care system is that older Americans are struggling to live at home at the same time they own more than $2 trillion in untapped wealth," the report said.
Council President James Firman said senior homeowners have, on average, $72,128 in equity that could be tapped to pay for years of home care visits or for home modifications.
"The extra cash could go a long way to help with care-giving and other long-term care expenses," he said.
The nation spends about $135 billion a year on long-term care, most of it paid out of pocket by individuals or by Medicaid.
Reverse mortgages are loans that allow homeowners 62 or older to convert home equity into cash while still living in their houses. They receive the money as a ...
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