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