Are you thinking about 25 ways to use your reverse mortgage money? Call Steve today to learn more! (719) 266-5500
What can you do with the money you have stored in your house? With a reverse mortgage, that money can be converted to cash! Here are 25 ways (plus 1) to use your reverse mortgage.
- Salary Replacement - Additional monthly income to you
- Work Interruption - Staying afloat when your income gets reduced
- Pay off your mortgage - Get rid of your mortgage payment
- Buy a new home - With the equity from my current home? That’s right!
- Home modification - Convert a room or basement to a living facility for an aging parent, relative or caregiver
- Remodel - Remodel your home to accommodate aging
- Between Jobs - Supplemental income to cope with life’s little surprises
- Longevity Insurance - Using home equity to “insure” retirement success
- Help Adult Children - Support your family when they need it
- Grandchildren’s College - Assuring a good education. Pay off their student loans.
- Filling the gap until social security - The years in between work and play
- Health Insurance - Bridging the gap until Medicare kicks in
- Medicare Parts B and D - Closing the copay gap
- Long-Term Care - Pay medical costs and purchase insurance
- Stay in Your Home - And be able to afford it
- Accidents and Care - Paying for short term needs
- Portfolio growth - Avoid tax consequences of selling off other assets in a down market
- Eliminate credit card debt - Pay them off
- Monthly Expenses - Supplement your Social Security and savings
- Real estate taxes and property insurance - Never miss payments
- Health related technology - Enable yourself to live at home alone
- Standby cash reserve - Cash gives you options
- Retirement plans, Estate plans and wills - Plan for the future
- Maintain a line of credit - That grows every month
- Bucket List - Live your dreams while you still can!
