Uses for a Reverse Mortgage

You can use your reverse mortgage proceeds for anything you want. There is no limitation. Here are just a few ideas:

  • Payoff existing forward mortgages and reduce your monthly expenses
  • Remodel your home to accommodate mobility limitations
  • Let the line of credit grow, tax free, for emergencies and surprises years away
  • Cover monthly expenses and hold other higher-return assets while their values grow
  • Cover monthly expenses and avoid selling assets at depressed values
  • Pay for health insurance in early years until Medicare at age 65
  • Pay Medicare Part B and D costs
  • Combine tenure payments with Social Security and income generated by other assets to replace your salary and retire earlier
  • Pay for children’s or grandchildren’s education or emergencies
  • Use it for standby cash through ups and downs of the market
  • Buy a new home using a reverse mortgage
  • Pay for long-term care
  • Fill the gap in your retirement plan caused by lower than expected returns on assets
  • Pay for short term in-home care or physical therapy
  • Pay for a retirement plan, estate plan or will
  • Convert a room or basement to a living area for an aging parent, relative or caregiver
  • Set up transportation arrangements if you can no longer drive
  • Create a set-aside to pay monthly property taxes and insurance
  • Maintain your life insurance policy without depleting your monthly budget
  • Delay collection Social Security to maximize the 70-year-old benefit
  • Eliminate credit card debt and avoid other debt
  • Cover expenses and avoid capital gains tax consequences of selling off other assets
  • Purchase health-related technology that allows you to stay in your home longer
  • Help your children or loved ones in emergencies
  • Buy an investment property and create another income source
Reverse Mortgage Uses

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