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!
