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Reverse Annuity Mortgages - You can buy a reverse annuity using your reverse mortgage money
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Paying For Long-Term Care
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  Home Equity Conversions (Reverse Mortgages) | Right Arrow Reverse Annuity Mortgages 
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If you choose to get a reverse mortgage, at the same time, you can buy a reverse annuity using your reverse mortgage money. This has the same requirements as a reverse mortgage. When you sell your home, no longer live in your home permanently, or when you die, you or your estate will have to repay the money back that you got from the reverse annuity mortgage. You will also have to repay any interest and other fees. See reverse mortgages to learn more.

Listed below are some opportunities and requirements/limits about reverse annuity mortgages:

Reverse Annuity Mortgages Opportunities: Reverse Annuity Mortgages Requirements/Limits:
You can use this to pay for long-term care costs. Generally, these disadvantages are the same as those for reverse mortgages. For more information, see reverse mortgages disadvantages.
  Sometimes there are limits on how much money you can borrow. The amount you borrow might not be enough to pay for your long-term care needs.

Page Last Updated: July 2, 2007

Source: http://www.medicare.gov/LongTermCare/Static/RevAnnMortgages.asp


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