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The money you get from a reverse mortgage is actually money you already
had, money that was in a sense sitting unused in your home. If you think
of it that way, it's easy to understand why you can use the money you get
for almost anything. Here are some of the most popular uses for reverse
mortgages:
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Pay off existing debts,
anything from credit cards to home equity lines of credit to car loans.
Please review all loan agreements.
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Paying off an existing mortgage.
You can use the money to pay off your first mortgage and completely
eliminate the need to make monthly mortgage payments, giving you more
disposable income each month.
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Adding to your monthly income.
You can take the money from a reverse mortgage as a monthly payment to
supplement your existing income, or you may choose a line of credit or a
lump sum.
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Paying for home maintenance or
repair. Your home is probably your most valuable asset and you
can use the money you get to maintain, or possibly increase its value.
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Creating a cash reserve for
emergencies. Many people like the feeling of security they get
from having a financial "cushion".
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Providing funds for long-term care
insurance or other financial tools. Freeing up cash with a
reverse mortgage can help you afford components of a financial plan.
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Helping family members or loved
ones financially. Pay for tuition or establish an education
fund for grandkids, help a child buy a new house or just give gifts to
the people you care about. The choice is yours.
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Being able to afford special
things you've always wanted to do, such as travel or hobbies.
Don't let lack of money keep you from doing the things you've always
dreamed of doing.
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