Worried about the rising cost of healthcare?  Baby Boomers place individuality and control of their healthcare above all.

The baby boom generation is trying to make sure that its golden years are not only about wheelchairs, medical scooters, lift chairs and walkers.  At least that appears to be what a recent report by the U.S. Department of Housing and Urban Development shows.  Unlike their more thrifty parents, Boomers are turning toward reverse mortgages to stay in their primary residences.

Reverse mortgages are home loans that provide people 62 years or older with the ability to turn their home equity into cash without having to move. These government regulated "Home Equity Conversion Mortgages" offer many options including lump sum, monthly cash payments and an available credit line.

Staying at Home and Maintaining Control of Healthcare

For many boomers, the motivation for tapping a reverse mortgage is avoiding or at least delaying having to move to a nursing home. With the ready cash offered by reverse mortgages, Boomers are able to deal with healthcare problems when they arise because they have the financial means to obtain the medical equipment and other related healthcare services that might not otherwise be approved by their insurance. Unlike their parents, who often passively accepted the care covered by their insurance, Boomers have learned that it often pays to purchase what they need themselves and use their insurance as a subsidy.

Serious Health Events Don't Have to Change Everything

When a spouse suffers a stroke or breaks a hip, it often initiates a series of events that causes seniors to sell their homes and move to independent or assisted living facilities. Medicare limits how much it will spend in the areas of medical equipment and in-home care.  Reverse mortgages give seniors the ability to acquire the medical equipment, mobility aids, and related home care that will allow them to recover at home (www.american-medical-supply.com)

Please contact me with any questions and to see if you qualify for a reverse mortgage.

Bill Pearson
Gateway Funding