As you grow older, it may become necessary to hire a full-time carer, to help you with day-to-day tasks and activities. But, as we all know, this does not always come cheap, whether they are taken on in your home or at a care home.
Home Carers: $15 per hour.
Care Homes: $37,500 per year.
Many retirees can find their entire income being eaten away by care costs, leaving nothing left for leisure spending, such as on holidays or luxury items, or even to leave to their heirs. Many find themselves leaving debt to their children due to care costs.
But your property could help. Using a Reverse Mortgage, you could release money from your home to help you with your on-going care expenses.