If you or your spouse are considering staying at home, a reverse mortgage may provide the funds necessary to pay for the care you both need. Sometimes only one spouse will stay at home while the other needs more comprehensive care. Other times both individuals choose to stay at home and receive in-home care. Either way, if the youngest borrower on the title is at least 62 you are likely eligible for a reverse mortgage.
A reverse mortgage allows you to access part of the equity you have built in your home over the years, using only the home itself as collateral. This can be a great option, especially if your family does not want to keep your home after you have passed.
If the home is sold to pay the loan and it sells for less than the amount of the loan, you are not liable for the remainder of the balance. Any remaining equity after selling the home to pay the loan is inherited by the estate.