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Except for seniors who require long-term care, most are fiercely independent.  To suggest they are burdening their family with a reverse mortgage is, in their minds, clearly absurd.  In fact, it is just the opposite.

With seniors living longer and baby boomers possibly having to take on the added responsibility of caring for them when they are ill, nonetheless older folks would rather take out a reverse mortgage than submit their children to this fate.

Another consideration is that according to statistics, approximately 40% of long-term care is paid for by seniors.  If there are those who cannot afford to do so, the children are forced to pay for these services.  This poses a problem for a senior who wishes to live out his or her life independent of the children.  It also raises issues among the children such as who will care for mom or dad, and other sibling issues.

One woman writes, “My parents are 86 and 87, respectively.  However, if either one became ill and needed financial assistance, it seems to me that a reverse mortgage is the best alternative in these difficult economic times.  My sister and I agree that we would never put them into a nursing home.  Their independence is crucial to their mindset and way of life.  To deny them that independence would be cruel.”

Reverse mortgages alleviate the burden felt by seniors and their children.  Imagine living in a home all your life and then suddenly find that you cannot afford to pay the bills or other expenses associated with home ownership.

One of the things some of us fear, and seniors in particular, is change.  Our parents usually have a schedule they live by.  They receive their monthly social security and pension checks and stick to their budgets.  They treasure every moment of life in ways only they can appreciate.

They ask for nothing other than being allowed to live out their lives in comfort and financial stability.  However, if they become ill and cannot afford medical expenses or prescription drugs, their world can turn topsy-turvy.

A reverse mortgage can free their minds from worry.  It is an alternative that is well worth investigating.