Using Utah Reverse Mortgage Loan
Utah Reverse Mortgage and Long-Term Care Insurance.
Assisting Older Americans.
Reverse Mortgages are able to assist older Americans with the scary cost of long-term care insurance. The largest single asset that most older Americans have is usually their home. When faced with long-term healthcare costs, these Utah residents are worried that all their assets will be focused on paying that bill at some point in their life. A Utah Reverse Mortgage may be able to assist them.
Long-Term Care Costs.
Given the high cost of long-term healthcare services, many older Utah residents are concerned about how to pay for long-term care insurance given that most of them have fixed incomes. The annual cost of nursing home living approaches US$100,000 and most Utah residents do not have the assets to fund such a stay. Without these assets, aging Americans are worried that they will place an undue burden on their families. Its not unusual for a nursing home stay to last three years and the numbers are similar for assisted living, and home care is even more expensive.
The cost for long-term insurance is prohibitive and fixed income individuals who are not covered wonder how they might pay for these premiums. Medicaid could pick up the tab but to qualify, the person has to have assets of US$2000 or less. If the person requiring care is married, reducing the assets to less than US$2000 is not an attractive option.
Proceeds from a reverse mortgage loan for paying long-term care insurance are typically set up as a monthly income to ensure money is available through the life of the policyholder.
The American Homeownership and Economic Opportunity Act of 2000 (H.R.5640) signed into law on December 27, 2000, supports the use of reverse mortgage proceeds for both long term care and long-term care insurance.
Using the Utah Reverse Mortgage to Fund Long-Term Care Insurance.
When a Reverse Mortgage is used to fund Long-Term Care Insurance, the senior homeowner is using some of the equity in the house to protect the value of the home (and perhaps other assets), so the owner can remain confident about his or her estate value and that the heirs will receive the legacy the senior worked so long and hard to build.
The purpose of the following example is to show the advantages available to a senior homeowner to fund a long-term care (LTC) insurance policy with a reverse mortgage. While the premiums for LTC insurance may be considered high when paid out of a senior's current income, these same premiums become far less significant when compared to the value of a typical senior's home.
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More Utah Reverse Mortgage Loan Information:
Utah Reverse Mortgage | After Utah Reverse Mortgage | Getting the Money | Types of Reverse Mortgage | Top 4 Questions about Reverse Mortgage | Using Utah Reverse Mortgage | Reverse Mortgage After