Long-term care is an inevitable expense for those who enter the retirement age and according to CNBC, reverse mortgages could be a way to help patients afford the cost.
"Once you bring long-term care into the equation, anything and everything is on the table," said Matthew Brennan, a certified financial planner and partner at Acorn Financial Services to CNBC’s Sarah O’Brien, according to Reverse Mortgage Daily.
"So you have to consider equity in a home. That could mean getting a reverse mortgage, or an equity line of credit that you don’t draw on unless you need care, or the full sale of the home."
According to the report, seniors turning 65 in 2019 face a 70% chance of needing long-term care as they age. Women require longer periods of care when compared to men, according to RMD.
The report also recommends that seniors start thinking about long-term care at the age of 50 as part of their financial planning.
To learn more about reverse mortgages as an option for seniors who need to pay for long-term care, click here.