The 13.2 million LTC target households have accumulated $1.9 trillion in home equity. Using mortgage rates for the week of 2/2/04, NCOA concluded that $953 billion of home equity could be tapped through the reverse mortgage program to finance seniors' long-term care needs, or $72,128 per household.
     
The preliminary findings are part of the NCOA’s National Blueprint for Increasing the Use of Reverse Mortgages for Long-Term Care. The blueprint will offer new insights into the potential market for reverse mortgages along with recommendations for administrative action, regulatory changes, consumer protections, and demonstration programs.
 
Up until now, most seniors have not tapped the equity in their homes—estimated at some $1.9 trillion—to pay for home modifications that support aging in place or for healthcare services at home. Noting that the average income of men aged 65 and over is $28,000 and $15,000 for women. This study shows that unlocking these resources can help millions of  house rich, cash poor’ seniors purchase the long-term care services they feel best suit their needs.
   
Identifying Hazards In the Home
   
Many seniors are beginning to think about ways their homes can be modified to adapt for current or future age-related concerns. Solutions for problems often exist but people are not always aware that products, or often simple changes, can be incorporated into the home that provide greater safety and accessibility.