Can You Use a Reverse Mortgage to Pay for Home Care in Massachusetts?
Need help in Massachusetts? Care Remedy provides home health aides at $45 an hour, stair assistance at $200 a visit and wheelchair transportation from $115 each way. Call 781-957-8076 .
Yes. A reverse mortgage lets a homeowner 62 or older turn home equity into cash with no monthly mortgage payment, and the money can pay for anything, including a home health aide. It works best when the plan is to stay in the home for years, not months.
How does a reverse mortgage work?
Most are Home Equity Conversion Mortgages (HECMs), insured by the FHA. You can take a lump sum, a monthly payment, a line of credit or a mix. Nothing is repaid while you live in the home. The loan comes due when the last borrower sells, dies or moves out. For 2026 the HECM limit on home value used in the calculation is $1,249,125.
Who qualifies?
- The youngest borrower is at least 62.
- The home is the primary residence, with substantial equity.
- You complete a session with a HUD-approved counselor before applying.
- You can keep paying property taxes, insurance and upkeep.
What are the risks?
- Moving out ends it. If the borrower is out of the home for more than 12 months in a row, for example in a nursing home, the loan generally comes due.
- Upfront costs include an FHA insurance premium, origination and closing costs.
- Less to inherit. Interest builds, so the equity left for heirs shrinks.
- Benefits. Loan proceeds are not income, but cash left sitting in a bank account can count as an asset for MassHealth or VA pension.
If a move to assisted living or a nursing home is likely within a year or two, a reverse mortgage is usually the wrong tool. Talk to an elder law attorney or financial advisor before signing.
How far does it go for home care?
At Care Remedy, home health aide care is $45 an hour with no minimum contract. Three hours a day runs about $4,095 a month. Two hours a day is about $2,730. Overnight care is $540 a night, and around the clock is $1,080 a day. A line of credit lets you draw only what the care plan needs.
A few hours of help a day is often what keeps someone home.
What should you check first?
Before borrowing against the house, check long-term care insurance, VA Aid and Attendance if your parent is a veteran, and a free assessment through your local Aging Services Access Point. Some families combine sources.
Care Remedy serves Greater Boston, the South Shore and Western Massachusetts. Call 781-957-8076.
This is general information, not financial or legal advice.
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