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April 23, 2013
Your decision to get a Reverse Mortgage should probably involve an analysis of your long term care plans. Research indicates that at least 70 percent of people over 65 will need long term care services at some point in their lives.
Many people secure a Reverse Mortgage in order to fund long term care services in their own home.
And the good news is that the recently published “GenWorth 2013 Cost of Care Survey,” found that the costs of in home health care has been relatively flat over the last five years while the costs of long term care in an institutional setting (adult day care, assisted living and nursing home care) have risen fairly dramatically over the last five years while.
Here are a summary of the current average costs and percentage cost increases for various types of assisted living:
When you go through the Reverse Mortgage application process, you will be required to participate in a Reverse Mortgage counseling session. Most borrowers find these sessions extremely useful as they can help you with budgeting and thinking through long term care options.
Find a Prescreened Reverse Mortgage Lender and Set Up Your Reverse Mortgage Counseling Session.
Estimate Your Reverse Mortgage Loan Amount Now.
Get a Quote for Long Term Care Insurance.
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