Paying for Health Care with a Reverse Mortgage

April 27, 2011 · Print This Article

While we are lucky in Canada to have free basic health care, there are many services that simply are not covered by our tax dollars. These include prescriptions, medical equipment, and retrofits of the home to allow for those with mobility challenges to get around. A Horizon home income loan can help you improve your quality of life by paying for these items and services.

Retrofitting your home for mobility equipment

Sometimes it is cheaper to retrofit your home to match your needs than to move to a retirement home or another dwelling. Whether you need a device to help you with stairs or you need to make your home wheelchair-accessible, a reverse mortgage can help with these immediate costs.

Pay for items covered by insurance up front

Some items may be covered by your insurance, but require you to outlay cash up front and then wait for reimbursement from your insurance company. Always check with your insurance company before undertaking a project that you think is covered to ensure that you are covered. A reverse mortgage can act as a short-term loan to cover these expenses.

Pay for extra health care services

It may cost you less to pay for nursing and other in-home care than to move yourself and/or your spouse to a retirement home. A reverse mortgage loan can help you pay for nursing, cleaning staff, or anything you need to live independently.

Pay for extended care for a spouse

If your spouse requires more medical care than you can provide to them at home, it may be time to move them to an extended care residence. The problem for most is the cost. The most basic extended care homes can cost thousands of dollars a month. A reverse mortgage can help pay these costs.

Purchase higher quality equipment

If you don’t like your wheelchair, medical equipment, or other health care items, chances are good that better products are available. The great thing about a home equity loan is that you can make small or large purchases with it. You can get a reverse mortgage for $2,000 just as easily as you can get one for $10,000.

Whatever your reason for wanting to get a reverse mortgage to help with health care, Horizon Equity is the company to call. Contact us today to learn more.