Reverse Mortgage Uses

 

 

  • Afford your bucket list 
  • Fund travel to distant lands 
  • Increase your monthly cash flow 
  • You can receive monthly check for life 
  • Pay off your current mortgage 
  • Have no mortgage payments in the future 
  • Funds to pay your real estate taxes and property insurance 
  • Pay off your current home equity line of credit (HELOC) 
  • Set up a rainy day fund 
  • Use funds to make home accessible with ramps, bathtub steps, rails, etc. 
  • Fund an active lifestyle 
  • Pay off some or all of your credit cards 
  • A reverse mortgage line of credit that grows over time 
  • Use lump sum to Complete needed home repairs 
  • Augment current retirement portfolio plans 
  • Buy a car with lump sum 
  • Money for legal or IRS matters 
  • Pay for Medicare parts B & D 
  • Gift money to children or grandchildren (college tuition, new business, down payment) 
  • Fund a major home remodeling project 
  • Buy a home using a reverse mortgage with no payments 
  • Set up reverse mortgage to pay real estate taxes and property insurance 
  • Create needed income above Social Security and pension payments 
  • Replace lost income from death the death of your spouse 
  • Help provide a financial solution to a divorce 
  • Stay in your home with at-home care instead of a senior living facility 
  • Pay for a nursing facility if your spouse is unable to live at home 
  • Increase monthly income so you can pay for life or long-term care insurance 
  • Pay off your car loan  
  • Strengthen existing estate plan 
  • Reverse mortgage funds are tax-free, where selling your home may be taxable event 

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