When looking for long-term health care options, you may find that most carriers will expect you to be in good health in order to give you reasonable premiums. If you are aged, then they may offer you premiums that are prohibitively high. You can use a reverse mortgage to finance your care if you are 62 years and above and you own a home. 

A reverse mortgage allows you to get money from a lender against the equity that you own in your home. This means borrowing the money that you already paid for your home. Instead of selling your house, you can use this option to ensure that you retire in comfort. The amount is only payable if you move out of the house or you pass on. Whatever equity is left over after you pass on will be added to your estate. 

You can have these funds disbursed to you in monthly installments, as a lump sum of money or as a line of credit. A reverse mortgage will give you up to 50 percent of the equity in your home. You may only withdraw a certain amount every year according to the rules set down by the federal government. 

The funds can be used to pay for long-term health care or any other emergency purpose. If you have to be cared for outside the home, then these costs will not be catered for unless there is another qualified owner of the house still living in it. This program is used by millions of homeowners who want to stay at home and still afford at-home care rather than go live in a nursing home.