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Paying for care

Using Personal Assets as Collateral to Secure a Loan

When personal assets are used as collateral for a loan, you offer a lender something of value to guarantee that you will repay. If you do not pay the loan back within a certain amount of time, the lender can keep the collateral or sell it to someone else to pay off your debt. Of course, if you do repay the loan, you get to keep the item.

Collateral loan lenders include

Personal assets to use as collateral

Other things to think about
Paying for care

Reverse Mortgages

They are available to those 62 years and older and present an option to receive an additional line of credit for late-life expenses.

While each mortgage has different terms and rates, reverse mortgages allow homeowners to draw the principal of the mortgage in a lump sum over a set period of time. Homeowners keep the property in their name, and the loan comes due only when the borrower dies, leaves the house for more than 12 consecutive months, or sells the property.

Those interested in taking out a reverse mortgage should contact their lender and schedule a meeting.

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