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Tag: alternatives

10 Alternatives to a Reverse Mortgage

Reverse mortgages can be a good option for many homeowners. They let you borrow based on the equity in your home. Instead of paying the bank, the bank pays you — tax-free — with a series of payments via a partial lump sum of money or a line of credit.

jean-georges Brunet standing in front of a window posing for the camera

© goodluz / Shutterstock.com

Under the right circumstances, a reverse mortgage loan might help an elderly person stay at home when retirement money is running out.

Money Talks News founder Stacy Johnson says reverse mortgages can make sense for certain types of people. But they also come with some big disadvantages. For more on the pros and cons of reverse mortgages, check out “Should I Get a Reverse Mortgage?”

If you read that story and decide a reverse mortgage is not for you, it’s probably time to look at other options. If you prefer taking another route, check these alternatives.

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As UK care homes face a Covid second wave, families are seeking alternatives

Anxiety is running high about the risk of loved ones contracting Covid in a care home over the coming months. And not without reason. Between early March and early August, care homes in England and Wales recorded some 26,500 excess deaths.

With this in mind, many families are now looking for an alternative to residential care for an elderly relative who can no longer live independently, either after a hospital stay, or because of ill-health or old age.

Before Covid struck, Archie Ferguson, 82, from Cambridge, had heard through a friend about Care Rooms, a scheme whereby approved homeowners provide bed, board and companionship to people coming out of hospital or needing respite.

Ferguson had felt unable to return straight to an empty house from hospital after a minor operation. “I was at the bottom of the pile, weak in body and spirit,” recalls the 82-year-old, after five years caring

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