Finance In-Home Care and Medical Expenses

Finance In-Home Care and Medical Expenses Using Your Home Equity — No Monthly Mortgage Payments Required!†

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*Just Pay Property Expenses, Such as Taxes and Insurance

Here’s How: Access the funds you need by obtaining a reverse mortgage loan

Most reverse mortgages are Home Equity Conversion Mortgages (HECMs), the only reverse mortgages insured by the Federal Housing Administration (FHA). This webpage discusses HECM loans.

Eliminate Monthly Mortgage Payments

You still must pay property-related taxes, insurance, and upkeep expenses.

Access Equity as Cash

Access a portion of your home’s equity without incurring income tax.†

You Own Your Home

You remain on title and own your home so long as you meet the loan obligations.

Protect Your Health and Wealth

Imagine having the funds to easily afford to:

The unforeseen costs of in-home care, long-term care and medical treatments can swiftly accumulate, jeopardizing your financial stability and legacy. Creating a plan to fund or finance potential long-term care needs during retirement is crucial for safeguarding your health and wealth.

Here’s the good news: You might qualify for a Home Equity Conversion Mortgage (HECM), a reverse mortgage loan insured by the FHA, explicitly designed for homeowners 62 and over.

Pay for long-term care insurance premiums (before needing care)
Fund the deposit on a nursing home (e.g., the care is needed for one spouse and the other spouse still lives at home)
Self-fund professional or informal care for a period of time (e.g., pay for an in-home care nurse while recovering from a fall)
Cover medical expenses

As a HECM borrower, you can:

Access a percentage of your built-up housing wealth as cash, fixed monthly advances, or a line of credit.
Use HECM funds to refinance (pay off) a traditional mortgage (if you still have one)
Choose how much or little to pay toward the loan each month or defer payments entirely while living in your home. You must maintain the home and cover property charges such as taxes and insurance

Plus, you can use any remaining HECM loan proceeds as you wish, such as to:

Paying for long-term care, in-home care and medical expenses
Paying for a large purchase, like a new car

Paying for aging-in-place renovations
Paying off high-interest credit cards

Establishing a rainy-day fund

Harness the Power of the HECM Line of Credit

Unlock the full potential of your HECM line of credit by taking advantage of its compounding growth. As the unused portion of the credit line increases, so does your borrowing capacity. By starting your HECM line of credit early, you can enjoy increased financial freedom later in life when health-related expenses are more likely to arise.

Here’s a hypothetical example of a 65-year-old borrower utilizing a HECM line of credit for home renovations:*

Unlock the full potential of your HECM line of credit by taking advantage of its compounding growth. As the unused portion of the credit line increases, so does your borrowing capacity. By starting your HECM line of credit early, you can enjoy increased financial freedom later in life when health-related expenses are more likely to arise.

To illustrate, consider the following example based on a monthly interest rate of 6.75% and no withdrawals made:*

(Must pay essential property charges, like taxes and insurance)

*This information is provided as a guideline; the actual reverse mortgage available funds are based on current interest rates, current charges associated with loan, borrower date of birth (and that of eligible non-borrowing spouse, if applicable) the property sales price and standard closing cost. Interest rates and loan fees are subject to change without notice.

Initial Line of Credit: $200,000

In 5 years: $287,070

In 10 years: $412,056

In 20 years: $848,911

Remember, home values in many areas across the country are still at or near historic highs. That’s wonderful news for you as a homeowner, especially if you want to put your housing wealth to work.

Customer Testimonial: Reverse Mortgage Provides Financial Security and Freedom

Articles About Reverse Mortgage Loans and Medical Care

Why Fairway Independent Mortgage Corporation?

We’re committed to providing an amazing experience – from loan application to closing and beyond
We’re a national, full-service lender with high customer satisfaction scores
We’re ranked as one of the top 10 mortgage companies in America (by Mortgage Executive Magazine)
As an FHA-approved lender, we can sell HECM reverse mortgages
We’re dedicated to educating consumers, as well as their family members and other trusted advisors, on the pros and cons of reverse mortgages

Schedule an Appointment with Me Today!

Click the button below or complete the form to get a free consultation. Together, let’s find out if leveraging home equity is the right move for you and your retirement.

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