In-home Care Articles » Arranging for services
What a reverse mortgage?
This is a financial instrument, which allows a person or couple access to the equity in a home without the need to sell the home. Reverse mortgages are of particular value to an individual or couple who wishes to remain in their home but needs access to money to pay for services or goods.
A certain percentage of the equity can be accessed to pay for care services, to supplement income or to make improvements to a home. Many people arrange for a reverse mortgage to renovate their home to become more barrier-free and accessible. Others access their equity to pay for care services.
A reverse mortgage is of interest to homeowners who need or want access to funds without the need to qualify for a loan and without the need to make monthly loan payments. The amount made available to you can change as the need for funds changes.
Last update: 2007-05-07 02:31
Author: Tech Support
Revision: 1.0
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