- Would you like to remodel your home? This could be a great option that would allow you to stay in your home instead of having to move somewhere else to accommodate your needs.
- You could combine the proceeds with the sale of your current home to buy a brand new home, without having to make payments!
- You could convert a basement or unused room into a living facility for an aging parent, relative or caregiver.
- When your health needs change, you may be able to pay for short-term or long-term in-home care as well as long-term health needs.
- Having a Reverse Mortgage provides you with a line of credit you could use for health emergencies and unexpected expenses. Years of higher monthly deposits to your account will keep you comfortable.
- Once you are eligible for Medicare, you could use the money to help pay for Medicare Part B and Part D.
- You could pay off your forward mortgage to eliminate your monthly payment. How great would it be to skip what is usually the hugest payment due every month?
- You could combine your tenure payments with Social Security and income generated by assets to replace your salary and continue to pay bills from new income.
- You might be able to delay collecting Social Security benefits until the payments are at a maximum.
- You could confidently invest in the stock market, secure in the knowledge that you have a healthy financial cushion.
- You could create a “set aside” fund to pay real estate taxes and property insurance.
- You could use the money to help pay for your children or grandchildren’s college education or professional training or help them through unexpected crises.
- You could combine your tenure payments with Social Security and income generated by assets to replace your salary and continue to pay bills from new income