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The HECM as a Long Term Care Insurance Alternative for Financing In-Home Care

Presented by Stephen R. Pepe, JD, NMLS# 485943


Published Article by Stephen

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Statistics show that a majority of aging homeowners wish to remain in their homes for as long as they can safely do so.  The cost of aging-in-place can be quite high and these same homeowners are not prepared for those costs.  The insurance industry has developed a couple of different products for those who can afford them and are healthy enough to qualify.  For the majority of mature homeowners, home equity accessed via a Home Equity Conversion Mortgage (HECM) line of credit can provide much-needed cash to pay for in-home care, accessibility modifications, and durable medical equipment.  In addition to receiving an up-to-date summary of HECM program basics, Aging Life Care Experts will learn both short-term and long-term HECM planning strategies their clients can implement now that can prepare them financially for their present and future in-home care needs.  Financial planners and elder law attorneys with whom ALCA-NE members work are presently learning these same strategies.


  • Have a basic understanding of program rules (15 minutes)
  • Understand the pros and cons of acting sooner rather than later (15 min)
  • Understand the impact of the HECM on eligibility for other programs or benefits (15 min)
  • Identify new enhanced protections for “non-borrowing spouses” effective 2016 (15 min)
  • Q & A (15 min)


Stephen R. Pepe, JD, NMLS#485943, is a HECM Loan Specialist and Turnkey Account Executive with Reverse Mortgage Funding, LLC.  Steve earned his JD from Suffolk University Law School in 1998.  He is still a licensed Massachusetts attorney and previously practiced law in the areas of residential real estate conveyancing, land use, summary process and estate planning.  Steve originates HECMs throughout Massachusetts, New Hampshire and Florida.  He is a frequent panelist and contributing author on the subject of HECMs for Massachusetts Continuing Legal Education and other CE entities.  He is a member of the National Academy of Elder Law Attorneys, the Boston Estate Planning Council, The Norfolk and Plymouth Estate and Business Planning Council, the Massachusetts Bar Association, the Boston Bar Association, and the Society of Financial Service Professionals.  Steve lives in Milford with his wife Kerry.