The following are some of the most popular uses for reverse
mortgages:
For your protection, please consult a financial advisor whenever possible
about how you wish to use the funds from your reverse mortgage.
Pay-off
Existing Debts*
- Credit Cards
- Home Equity Lines of Credit
- Car Loans
- Outstanding Medical Bills
*Review all loan agreements. Note that consolidating debt may result
in a higher overall interest cost over to the life of the
loan. Consult a financial advisor on paying short-term debt with your mortgage
loan.
Pay-off an Existing Mortgage
With a reverse mortgage, you will pay-off the first mortgage
on your home (if applicable). A reverse mortgage eliminates
the need to make
required monthly mortgage payments. This will give
you more disposable income each
month to spend on items you need.
Add to Your Existing
Monthly Income
You can receive the money from a reverse mortgage as
a monthly payment to supplement your existing income.
Please note,
you may choose to
receive your reverse mortgage in two other ways as
either a line of credit or as
a lump sum.
Pay for Home Maintenance and Repair
Your home is one of your most valuable assets. You
can use your reverse mortgage money to maintain
and even
increase the value of your home.
Create a Cash
Reserve for Emergencies
Your reverse mortgage money can be a financial
buffer allowing you the confidence that in an
emergency you will be financially
covered.
Provide Funds for Long-Term Care Insurance
or Other Financial Tools
Reverse mortgage funds may help you afford components
of a financial plan.
Helping Family Members
or Loved Ones Financially
- Establish an education fund
for children or grandchildren
- Help a child or grandchild
buy a house
- Gift money to children or grandchildren
Afford Special Items and Go Places
You Always Wanted
The choice is always yours. |
