How to Use a Reverse Mortgage

fotolia_90643563You may not have considered how well a Reverse Mortgage may play in funding your comfortable retirement! A Reverse Mortgage could help finance the following and more!

Housing NeedsHouse Painter Painting the Trim And Shutters of Home

  • 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.

Health Care

  • 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.

Financial Securityfotolia_56195690

  • 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.fotolia_78831379
  • 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.

Family Assistance

  • 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
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