There are many options on how you can use your loan proceeds. Below are a few ways you can use the money obtained from your reverse mortgage. Keep in mind that it is your money and you can spend it as you see fit.
Pay your bills
A reverse mortgage can help you pay your monthly expenses and pay off any other debt such credit card debt.
Make home improvements
A reverse mortgage can give you the means necessary to make improvements to your home. Sometimes our customers will make their home safer or more efficient by replacing old windows, adding a heat pump or making the home wheel chair friendly.
Pay for medical bills
Medical expenses can be extremely expensive. Therefore use the proceeds from your reverse mortgage to pay for such items as prescription medicines, health care and any other items that come out of your pocket.
Save for a rainy day
Life can throw many unexpected challenges your way. With a reverse mortgage you can have the cash to pay for unexpected expenses.
Pay off your existing mortgage
Free up your money for other things while your reverse mortgage pays off your current conventional mortgage.
Make a large purchase
Purchase a new car or recreational vehicle. Maybe you have other expenditures on your mind. A reverse mortgage can make such purchases possible. We will never recommend that you spend your money in an unwise manner but…it is your money and your choice how it is spent.
Plan a trip or Travel
Explore the sites or visit family and friends. The options are endless.
Your Reverse Mortgage counselor will provide you with more recommend options and assistance.
Call our Reverse Mortgage Specialist today at 1-888-636-1112