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A Clear Solution Already Exists


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Reverse Mortgages & Long Term Care / Aging in Place

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The Solution Is clear and has been. When it comes to those seeking to solve the issue of senior’s aging in place perhaps on quote should be mentioned. “Sometimes we stare so long at the wrong things, we miss out on the RIGHT thing standing right in front of us”.  Recently AARP stated that aging in place will be a critical component for long term care. This statement was made to the Commission on Long Term Care last week. AARP’s input is key as they have direct input to the Commission who will be presenting a report to Congress to help shape long term care legislation. Here are the sobering facts. 1- many mistakenly believe that Medicare and private insurance pay for long term care needs.


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  1. One more time AARP goes negative on a product. The reason they have so much trouble with the HECM product is, they are not receiving a kickback for their endorsement. If you look carefully, you will see that they receive “referral fees, ie. KICKBACKS, FROM every company or product they endorse. No kickback, no endorsement from AARP. As a profit making entity, they do not care what is best for seniors, rather, they care what is best for AARP, and that is

  2. What may shock many is that the Internal Revenue Code already permits a deduction for long-term care premiums. Please see the American Association for Long-Term Care Insurance advisory for 2013 at http://www.aaltci.org/news/long-term-care-insurance-association-news/2013-increased-tax-deduction-limits-for-ltc-insurance.

    Perhaps AARP is calling for a more favored tax status for these premiums. But the question then becomes, should those who may be able to afford to obtain such coverage be reimbursed by those who cannot? By government definition, a tax deduction is nothing more than a government expenditure.

    There is nothing to show that long-term insurance itself is a viable solution for the needs of seniors. As fewer and fewer insurers offer this product, it seems even the insurance industry does not seem to think so.

    If this is all AARP can come up with, the organization has once again has shown it is more about profit making than being the spokesperson for those over 65. While reverse mortgages may help, it is certainly no cure all as to which many currently in default can attest.

    Until the bizarre math of LBJ, our national leaders chose not to burden younger generations with the financial burden of its seniors. LBJ was trying to finance his Great Society as well as the war in Vietnam. Adding entitlements then has hurt us now just as the AARP plan will hurt the generation of my grandchildren.

    It is not up to government to cure all ills. That kind of government ended with the USSR. Even China does not even attempt to keep that kind of facade. Can we keep going that direction without strong repercussions in the future or do we not even care???

  3. When I first started doing these loans, 67% of them were used to fund LTC. It is time that our industry take control and stabilize the product and create a product that is truly to the benefit of our senior community.

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