How can I use the money I receive from a Reverse Mortgage?
Pay Off Your Mortgage and or Eliminate Debt:
Use your reverse mortgage to eliminate your house payment forever, pay off credit card bills, auto loans or any debt.
Keep your independence and remain in control You’ve worked hard for your home. A reverse mortgage can help you maintain your independence by increasing your monthly cash. It keeps you in the drivers’ seat. Reverse Mortgages are designed to be a tool to make your life comfortable, safe and secure.
Travel, Fulfill Life Dreams:
You deserve the life you’ve always wanted. Your reverse mortgage can be used for anything. You can buy a new car, take a trip, redecorate, the decision is yours.
Pay for Home Care and Medical Expenses:
Use your reverse mortgage to pay for care for yourself or spouse with out the fear of having to sell your home or ever having to repay your loan as long as you live in your house. It can also be used to pay for medical expenses or purchase a long term care plan. Your Reverse Mortgage proceeds are a loan, needs based programs such as Medicaide or SSI are generally not affected *(consult your program expert).
Many reverse mortgage borrowers use their money to renovate their home. It can be used for a new roof, new kitchen or updating a bathroom. Use your Reverse Mortgage to make your home safe and secure. Make your home the way you want, you deserve it.