Site Content

Most insurance specialists who deal in the area of long term care coverage do this exclusively. The reason is, in order to help people buy long term care insurance, the representative must have a thorough knowledge of long term care systems and how to apply long term care planning. 

Long term care planning is not a simple field of expertise. There are at least 10 or 15 diverse services and service providers in this area. In particular. Medicare community aging services and Medicaid are complicated and require the full attention of the care adviser, not a generalist who is distracted by other insurance products or planning issues. In addition, the specialist must have an understanding of how long term evolves, what settings are appropriate and how family caregivers are involved in the caregiving process. 

The major focus of the specialist is to provide proper insurance coverage fitted to each family's unique situation. The specialist is also careful to represent a company or companies that are financially sound and have a solid history in long term care insurance sales. 

Some specialists are taking the additional step to become all-around long term care planning advisers. In this role they bring together other players in the care planning arena such as care managers, elder law attorneys, preneed planning specialists, reverse mortgage specialists, elder mediators and others who can help a family adequately plan for the need for long term care. Long term care insurance is important but it is only one piece of the puzzle.

This planning is not only important for an older generation but it is also important for those people in their late 40s and 50s to use a specialist to make planning for long term care a part of the preparation for retirement. 

For many seniors, the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest. 

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage". 

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

False Beliefs 

• “The lender could take my house.” The homeowner retains full ownership. The Reverse Mortgage is just like any other mortgage; you own the title and the bank holds a lien. You can pay it off anytime you like. 
• “I can be thrown out of my own home.” Homeowners can stay in the home as long as they live, with no payment requirement. 
•  “I could end up owing more than my house is worth.” The homeowner can never owe more than the value of the home at the time the loan is due. 
• “My heirs will be against it.” Experience demonstrates heirs are in favor of                                    Reverse Mortgages. 

Virtually anyone can qualify. You must be at least 62, own and live in, as a primary residence, a home [1-4 family residence, condominium, co-op, permanent mobile home, or manufactured home] in order to qualify for a reverse mortgage. 

There are no income, asset or credit requirements. It is the easiest loan to qualify for. 

A reverse mortgage is similar to a conventional mortgage. As an example:tomers have questions, you have answers. Display the most frequently asked questions, so everybody benefits.

A reverse mortgage is similar to a conventional mortgage. As an example:

• The bank does not own the home but owns a lien on the property just as with any other mortgage 
• You continue to hold title to the property as with any other mortgage.
• The bank has no recourse to demand payment from any family member if there is not enough equity to cover paying off the loan.
•  There is no penalty to pay off the mortgage early. 

Information provided by The National Care Planning Council, Inc.

For more information go here https://www.longtermcarelink.net/