CBS’s locally produced Morning Blend recently ran a segment about a campaign to raise awareness of the need for long-term care, mentioning the possibility of using a reverse mortgage to pay for a long-term care policy.
Two members of the 3in4 Need More campaign appeared on the show along with Gregg Smith, the president of One Reverse.
Smith said his company got involved in the campaign to build awareness that three out of every four Americans aged 65 or older will need some form of long-term care as they age.
“A reverse mortgage can help a senior pay for a long-term care policy, and it can allow them to age in place,” he said in the segment, going on to give a brief explanation of the loan program. “You can use proceeds to pay off existing mortgage, buy a long-term care policy, simply live a better life.”
And, says someone from the campaign, since three out of four Americans don’t know where to go to access this information, it prompted them to provide a portal allowing seniors to find out all their long-term care needs.
It’s important to have a plan, and that plan could include life insurance, a long-term care policy, an annuity, or a reverse mortgage, the campaigner said in the segment.
Americans need to start planning now, said another campaign member.
“You have a geriatric tsunami headed this way, and nobody is prepared for it, and the government is not prepared for it,” she said in the segment.
Written by Alyssa Gerace