A reverse mortgage can also provide seniors with extra cash to fund expensive long-term care insurance purchases. In addition, in light of recent problems with Medicaid, a reverse mortgage can help to free seniors from worries about future medical cost coverage.

While some seniors may be concerned about the loss of equity that a reverse mortgage will entail, and while others may worry that a reverse mortgage will inhibit them from leaving their homes to their heirs, the NCOA recommends that seniors give reverse mortgages serious consideration. By consulting with a financial advisor, seniors might find that the benefits of a reverse mortgage far outweigh the costs.