The federal government has tightened the rules for reverse mortgages, making it harder for some seniors to get these types of mortgages and reducing the amount of a home’s value that can be tapped.
Reverse mortgages allow elders who are house-rich but cash-poor to use their housing equity.
Seniors who are relying on Medicaid to help pay for expensive nursing home care need to plan carefully for the possibility that their spouse will pass away before they do.
Unlike Medicare, not all seniors are eligible for Medicaid. Medicaid is designed for people with limited income and assets, and to be eligible, you must meet strict financial guidelines. Many people have to spend down their assets to almost nothing and/or exhaust their long-term care insurance before they become eligible.