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Extension > Family > Personal Finance > Planning for Health Care > Financing Long Term Care: A Resource Center for Families > Know Your Financial Options > Using Home Equity as a Long Term Care Financing Option

Know Your Financial Options

Using Home Equity as a Long Term Care Financing Option

Marlene S. Stum, Extension Specialist and Professor — Family Social Science

March 2003

Your home equity is one asset that may be used to help cover long term care costs. This may be done by selling your home or by utilizing a reverse mortgage. This checklist will help you gather information and decide if you are willing to sell your home to help cover the costs of long term care. When you are done, you should be able to answer these questions:

Learn more about reverse mortgages.

Determine your later life financial goals.

Your goals may impact the method of financing chosen to pay long term care costs.
Complete the Identifying Later Life Financial Security Goals ( For Individuals | For Adult Children of Aging Parents/In-laws) worksheet.

Discuss your goals, beliefs, and plans with family members.

Ask your family members to also complete the Identifying Later Life Financial Security Goals (For Individuals | For Adult Children of Aging Parents/In-laws) worksheet.

Is home equity a realistic long term care financing option for you and your family?

Yes No
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