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AARP sues HUD over Reverse Mortgages: What is a reverse mortgage

netitle.net ttp hughfitzpatrick.com In this video, real estate attorney hugh Fitzpatrick from Tewksbury Massachusetts discusses the lawsuit ...

Reverse mortgages and healthcare | Fifty Plus Advocates

By Alain Valles, CRMP, MBA, CSA

Obama-care, Trump-care, no-care

The cost of healthcare, doctor’s visits, prescriptions, and forms to fill out when you’re healthy is enough to make you sick. But when a cold turns more serious, or a life event occurs, or a chronic ailment worsens then the care available to you becomes life or death.  Everyone agrees that it costs money to stay healthy.

Add politics to the health equation and you may discover a troubling imbalance in your financial ability to fund your health needs.  On the health care bill recently passed by the U.S. House of Representatives, Executive Vice President Nancy LeaMond of AARP said, “The bill will put an age tax on us, harming millions of American families with health insurance, forcing many to lose coverage or pay thousands of dollars more for health care. In addition, the bill now puts at risk the 25 million older adults with preexisting conditions such as cancer and diabetes, who would likely find health care unaffordable or unavailable to them.

Paul Fain: Old age is not for sissies

On a typical Easter weekend, we travel to the Tri-Cities to visit relatives. One particularly sweet soul that we enjoy seeing is Aunt Naomi. She is almost 90 years old and living independently.

“All I do is pay bills and check stuff,” she said last weekend: Is the door locked? Did I leave the water running?  Where did I put the car keys? What time is choir practice? Should I take out a reverse-mortgage? Do I need to enroll in AARP’s exterior water line insurance program?

Although she is always smiling, it doesn’t always hide her worries about health, home and money. “I’m living to die,” she told me with a laugh. “Then you pay for that!” But seriously, she said, her insurance is not paying for her steroid injection to alleviate leg pain. The county just raised her property assessment and her car needs a repair.

For many seniors today, their only source of income is Social Security and their primary asset is their home.  It leaves them in a tight financial squeeze. Could life have turned out differently?

Is Filing For Bankruptcy In Retirement A Good Thing?

The number of people filing for bankruptcy protection in retirement has soared in recent years — even before the recession.


Filing for bankruptcy would not include long term care since you have to pay monthly for assisted living or nursing care. You are correct that those are out of pocket costs unless you are on Medicaid.