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