CBS: One Reverse Mortgage Gears Up for “Geriatric Tsunami”

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.

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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

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