If your parents own a home, the home can be sold and the money used to pay for your parents’ care. Parents can downsize into an apartment, or move to a retirement home or LTC facility.
If staying in their own home is important to your parents, they can directly draw on the equity in their home to pay the costs of home care. The two most popular options used right now are the Home Equity Line of Credit (HELOC) and the reverse mortgage.
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