For years now, the CDC, as well as other institutions that publish studies on health, have produced study after study that indicate Americans are living longer than they did in the past. In fact, recently, Senior Journal featured an article citing CDC statistics that suggests those born in 2009 have an average life expectancy of approximately 78 years. With so many people maintaining and improving their health and with so many people living longer, one might think that seniors of today have fewer problems to worry about than those who from a generation or two ago.
Unfortunately, though as life spans have increased, so have expenses, and many seniors now find themselves in the position of needing to do some creative financing. This is especially true in the uncertain economic climate of the past decade wherein many people have, sadly, watched their retirement funds and other investments disappear—sometimes overnight.
The good news here is that despite the economic turmoil you or a loved one may faced in the past, options for financing these unexpected and blessed years of life do exists. For instance, if you and your spouse own your own home free and clear, then may have the option of a reverse mortgage. With a reverse mortgage, you and your spouse convert a portion of the equity in your home to cash while maintaining the benefit of remaining in your home. To find out whether or not you qualify for a reverse mortgage or other types of benefits, you should reach out to Ohio elder law attorney. A qualified elder law attorney can assess your particular situation and determine if a reverse mortgage or another option will best suit you.
