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Many retirees are faced with the possibility of a long-term care event. How will I pay expenses if I cannot take care of myself? I do not want to put the burden of long-term care expenses on my family or children. The good news is that we are not alone, millions of seniors across America are facing the same dilemma and many are making plans now.

There are a lot of things we can do but it is coming down to two main options. The first is long-term care insurance and the other is a reverse mortgage. Some are combining both options. These options are important factors in planning for the time when we may need the money the most but will not be able to do much about it.

A reverse mortgage is a loan that is made to individuals 62 years and over in the United States, which is used to release home equity on a property in one large lump sum, or multiple payments. The homeowner is not obligated to repay the loan until they die, the home is sold or they leave into a nursing home.

For a typical mortgage, the owner of the house will pay a monthly payment to the lender, whereas in a reverse mortgage, the home owner makes no payments and all interest is added to the lien on the property. Now, it may seem odd that there are no payments on the reverse mortgage, but the way that the loan is paid off is that if the home owner moves, goes into a nursing home or dies, is from the proceeds in the sale of the house, or in the event the heirs refinance the estate of the homeowner. If the proceeds of the sale exceed the amount of the loan, the owner of the house gets the difference. In the case of the heirs, they would receive the difference. If the sale does not pay off the loan, then the bank will absorb the difference.

This option is becoming very popular with some seniors when they have to choose between reverse mortgages and long-term care insurance because they get a lot of the money upfront, which can then be applied to savings. The draw back is that it could severely effect the inheritance that you may want to leave behind. Long-term care insurance is an inexpensive way to insure that your family is taken care of.

Conclusion: For many seniors, the possibility of their children paying out of their own pocket to take care of them is simply too much to bear. As a result, seniors will look at the options of reverse mortgages and long-term care insurance to find a way that they can pay their own way through either a loan or a government program. In the case of reverse mortgages, they will be able to get a loan that they will not have to pay back until they die or move, and even then the loan is paid off on the sale of the home. This allows them to get the money up front to help pay for their own long-term care at home. It is of little surprise it has become such a popular trend for seniors looking for a way to pay their own way.

Before you go out and buy a policy go to Long Term Care Insurance Guide. We represent 20 of the top LTCi providers. This gives you tremendous options.

The future is uncertain and anything can happen. You may live a long and healthy life, only to die at the age of 102 while you are out on your daily jog, or you may suffer a stroke at the age of 62 and require long-term care to help you accomplish your daily activities. As a result, you need to start planning for long-term health care to ensure you do not suffer from an unexpected event that could leave you as a financial burden on your family. Continue Reading »

The question about Long Term Care Insurance (LTCI) is really can you afford not to have it? Actually, it should be an integral part of any retirement planning. The likelyhood of reaching a point in life where a person cannot thake care of themselves is becoming more real with the aging of baby boomers who will be living longer.

We think of strapping our loved ones with the burden of funeral expenses when we die, but the cost of assistance in living over a long period of time can far exceed any expenses associated with death. Thus, LCTI is definitely worth insuring for. The article that follows delves more deeply into the topic Continue Reading »

According to a new report from Packaged Facts titled “Baby Boomer Attitudes and Opportunities: At Home, At Work and On the Road:” One of the most surprising discoveries, especially with regard to the eldest Boomers, who turn 62 in 2008, is that the catch-all marketing image of the Aging Free-Love Commune Psychedelic Hippie Radical … doesn’t actually apply.” Continue Reading »

It is an unfortunate reality that we continue to exist in a time of relentless and persistent age discrimination. In fact, one of the fastest growing specialties in the legal profession is in dealing with cases of discrimination based on age.

Most of the growth in this area has been attributed to the fact that there is an increasingly large number of aging employees found in the workplace as the baby boomer generation becomes more mature and moves toward retirement. There have been some accusations of age discrimination based on an underlying motivation of firing an employee that is getting close to retirement age so that the company is able to save on pension and retirement benefits. Continue Reading »