There are no limitations on how you use the proceeds from your reverse mortgage. They can be used to fulfill your needs or wants as you wish now or for in the future. For example:
Buy a new car
Sam and Tina wanted to purchase a new car but didn’t have much in the way of savings. With a Reverse Mortgage they were able to purchase a car without having any payments. Working with a financial planner, they also took some of the money and did some long term care planning.
Make home repairs
Elaine needed some repairs done to her home. They were more than she could afford on her limited income. She did the Reverse Mortgage to pay for the repairs and to have extra funds for supplementing her income.
Make home modifications
Bob used his reverse mortgage funds to modify his home to have a ramp, wider doors to accommodate a wheel chair and adapt his bathroom for future needs.
Cover prescriptions and medical expenses
Pay for long-term care
Joe needed a hearing aide but couldn’t afford it with his Social Security benefits. Rather than taking money from his savings, he did a Reverse Mortgage. He also used some of the money to put new siding on his home.
Eliminate Mortgage Payments
Lisa and George had a small mortgage remaining on their home. It was difficult to make the monthly payments so they did a Reverse Mortgage to eliminate the monthly mortgage payments. There was a balance that they left in a line of credit for future use.
Travel Use your reverse mortgage to travel
Helen was struggling to meet her living expenses with just her Social Security Benefits. She also had always dreamed of traveling. The Reverse Mortgage provided the extra cash she needed and she was able to fulfill her dreams of traveling.
Pay for everyday living expenses
Have cash available for emergencies
Improve cash flow
Maintain lifestyle and have “elbow room”
Use your reverse mortgage to enjoy your retirement years
As Marie was working with her financial advisor, she did the Reverse Mortgage using the proceeds to enhance her retirement years, protecting her other assets for future needs.
Strengthen personal and financial independence
Financial planning or long-term care planning
See ideas here
Help pay for grandchild’s education
Purchasing a new home
(If you are over 62 and purchasing a new home, call us to learn how a reverse mortgage can provide financing and eliminate your mortgage payments.)
Use for whatever one wants or needs to fulfill goals and dreams.
*Borrowers responsible for property taxes, hazard insurance, maintaining the the home, paying home owners association dues when applicable and abiding by the terms of the loan or they may face foreclosure.
What would you do with extra cash? Could you use extra funds for your retirement planning or future long-term care needs?
Call us to assist you.
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