One of biggest questions that people ask us when they are interested in a reverse mortgage is what can you use the funds for. The best part of a reverse mortgage there are no limitations on what you can use the funds for. On this page we will go over some of the ways people have used a reverse mortgage for their retirement.
Home Repairs and/or Remodeling – If your home is in need of repairs or you may want to remodel it make it more accessible or comfortable. You can use the funds from a reverse mortgage.
Medical Bills – As people get older there are often unforeseen medical expenses and these can get very expensive. A reverse mortgage can help you pay for these.
Prescription Drugs – On top of medical costs, the costs of prescription drugs can also add up, especially if you need certain drugs on regular basis.
In Home Care – If you’re health has gotten to the point where you would need in home care, a reverse mortgage could pay for this type of service.
Pay Off Debts – A reverse mortgage can help pay off any credit cards and stop paying the high interest rates associated with them, or any other debt you might have.
Supplement Social Security and/or Pensions – Social Security and pensions can not always cover all your living expenses, so having the additional income of a reverse mortgage can help.
Additional Investments – You can use the funds of a reverse mortgage to put that money into any type of investment to potentially make more money for your retirement.
Improve Quality of Life – You don’t have to use the funds as an investment or anything big, you can use it for everyday expenses just to make your quality of life that much better.
Take a Dream Vacation – If you’ve always wanted to see the world, you can use a reverse mortgage for hotels, plane tickets, cruises, or to pay for whatever your dream vacation would need.
As you can see there are many options that people have used a reverse mortgage for, and this is just the beginning. If you need money for whatever reason for your retirement a reverse mortgage is a great source for it. Contact us today so we can start showing you how a reverse mortgage can influence your individual situation.
