Yes.
How could this be? How could our government ask that people become more self reliant, yet take away opportunities to pay for their own care?
The government is scheduled to decrease the amount of money one can borrow under a HECM (Home Equity Conversion Mortgage, i.e., reverse mortgages insured by the federal government) by 10% effective for all loans on which applications are taken on or after October 1, 2009. It is still unclear as to whether loans currently be processed will be grandfathered into the current HECM program.
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Are you facing challenges with aging family members? Are you having trouble getting clear, practical and useful answers? Steve interviews elder issues expert and gerontologist Susan Geffen about everything from elder abuse to reverse mortgages, from long-term care to Alzheimer’s.
Also, are you frustrated with your financial situation? Do you wonder where your money went at the end of the month and why others are getting ahead when you are not? Steve talks about the basics of getting out of debt, getting the most out of your money and how to set yourself up for personal financial success.
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“Everyday, elderly people are forced to move out of their homes and into crowded nursing facilities because they can’t afford the care they need to live alone.”
If you are at least 62 years old, it doesn’t have to be this way if you own your own home. You just have to understand some of your options. Continue reading Report: How A Reverse Mortgage Can Help Your Family
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Episode #005 – This segment demonstrates how a reverse mortgage can create a flow of money so that and elderly person can remain in their home instead of moving into a nursing home.
For the complete Mike Rose Series, click here.
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