Age in Place with a Reverse Mortgage without Leaving your Home
Rising healthcare costs are an increasing burden on many seniors in Minnesota. Assisted living facilities can easily cost $10k/month for a one-bedroom apartment. Many seniors who don’t “need” the medical assistance hesitate paying such high costs until it’s necessary.
With a reverse mortgage, you can use the equity in your home to “age in place” and avoid moving out of your residence. Instead of selling your home, paying realtor fees, and packing and moving into a new home, you can stay at home and hire help when you need it.
The average PCA wage in Minnesota is $2700/month–multiple times cheaper than the rent of the assisted living. You won’t have any monthly mortgage payments on your home, so there’s no additional housing payment. In addition, you can stay in your home where you’re comfortable and customize the help that you need!
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