Growing Number of Seniors Rely on Reverse Mortgages to Finance Home Care

Posted on Monday, July 8, 2019 12:07 PM

As seniors are living longer than ever, many are caught off guard with the amount of money to help them live longer than they planned.  A growing trend for seniors is to take out a reverse mortgage to fund their expenses once they deplete their retirement funds.

“I would say that funding in-home care is a top-five reason our clients are looking for a reverse mortgage,” Jennifer Cosentini — housing director at Cambridge Credit Counseling Corp. in Agawam, Massachusetts — told Home Health Care News’ sister publication Reverse Mortgage Daily. “In most of these cases, we are speaking with a family member who has power of attorney or a conservator who is paying the bills and wants to keep the client in the home as long as possible.”

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