If you choose to get a reverse mortgage, at the same time, you can buy a reverse
annuity using your reverse mortgage money. This has the same requirements as
a reverse mortgage. When you sell your home, no longer live in your home
permanently, or when you die, you or your estate will have to repay the
money back that you got from the reverse annuity mortgage. You will also
have to repay any interest and other fees. See
reverse mortgages to learn more.
Listed below are some opportunities and requirements/limits about reverse
annuity mortgages:
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Reverse Annuity Mortgages Opportunities:
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Reverse Annuity Mortgages Requirements/Limits:
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You can use this to pay for long-term care costs.
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Generally, these disadvantages are the same as those for reverse mortgages. For more information, see reverse mortgages disadvantages.
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Sometimes there are limits on how much money you can borrow. The amount you borrow might not be enough to pay for your long-term care needs.
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Page Last Updated: April 10, 2007
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