A federally appointed Commission on Long-term Care recently published their recommendations to Congress about the concern of the future of the aging population of our country and how their needs will be met as they age.
Its a very serious concern and could be very costly to state and federal agencies, as most people are unprepared to meet the process of aging. Part of their findings and recommendations, would be to use the funds from a Reverse mortgage to essentially, “self-insure” and to be able to afford the costs of aging.
Here is the second part of the article.
Committee Touts Reverse Mortgages Amoung Solutions to LTC Crisis
Alyssa Gerace September 18, 2013
“The need for LTSS and the cost to governments will grow dramatically over the next two decades with the population aging, increasing the burden on already underfunded government health care programs. Preparing to meet the LTSS needs of the population and ensuring adequate financial resources will take time,” it says. “The process should begin now.”
The use of reverse mortgages and a funding source for long-term care was named as one alternative approach to strengthening LTSS financing through private options, among other recommendations.
“Use reverse mortgages to enable seniors to use the value of their home equity to fund long-termcare services, including while remaining in their homes,” says the report. “Enable retirees to pre-qualify so funds would be available when needed.”