Using a Reverse Mortgage
Reverse Mortgage - Common Uses
The funds from a reverse mortgage can be used for a variety of proposes. The best news is that you are not restricted in how you use the funds and no monthly payments are required during the life of the loan.
Examples of uses include:
- Refinance existing property liens and mortgages (including an existing reverse mortgage)
- Consolidate debts
- Investments
- Vacations
- Supplement retirement income
- Home repairs and improvements
- Long-term care insurance
- Medical expenses and prescription drugs
- Pay property taxes
- Fund in-home care
Click here for more information on qualifying for a reverse mortgage