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As we age, we notice that lots of things that we used to do are either harder to do or just take longer, for a variety of reasons. Most are in denial about this diminished capacity, but it's part of the normal ageing process. While many seniors keep active, both physically and mentally, there are many who can't or won't due to medical, family, financial or best nutrition drink fo seniors mental difficulties.
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You can also find life insurance policies with nursing care riders. If the money is needed, it's taken from the policy value. Otherwise, it goes the beneficiaries as a cash benefit.
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All of us are familiar with a conventional mortgage. You borrow money from the bank using the home for collateral. You're then charged interest on that loan and need to make monthly payments. The bigger your mortgage is compared to the value of your house, the less equity (or wealth) has already been accumulated.
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