How Can HECM Finance the Purchase of Long-Term Care Insurance?

Steve Bliss Probate Attorney provides a will.

Last Will and Testament

The high and rising costs connected with long-term care are one thing to take very closely when you are making planning for the latter part of your life. If you mix the typical length of stay with the average cost of nursing home care you could be looking at a cost that goes beyond a quarter of a million dollars. This is an amount that people would find hard to pay without seeing an important part of their estates going down the drain.   You are on your own when it pertains to long-term care expenses because Medicare does not cover them. Some people are eligible for Medicaid however, and another choice would be to buy long-term care insurance. Long-term care insurance premiums are pretty costly, and one alternative that is you can get to you would be to take out a home equity conversion mortgage and apply the income to pay for long-term care insurance. These HECMs are federally supported reverse mortgages. The mortgage ends up being due when you either pass away or move from the home willingly. If you came into a nursing home, you or your family could then sell the house and pay the loan with part of the earnings from the sale. The rest is of course yours to save. To discover this and other techniques for long-term care financing, take action right now to set up for a meeting with a best probate attorney in Carmel Mountain Ranch.