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I thought about this and figured I would share some of the common things reverse mortgages are used for. Below I have listed some examples

  1. Pay off your existing mortgage
    1. A reverse mortgage pays off your existing mortgage and increases the disposable income you have available each month.
  2. Help improve your monthly budget
    1. A reverse mortgage can assist you in making monthly ends meet, payoff credit card bills, or pay off other outstanding debt.
  3. Purchase a home
    1. A reverse mortgage can also allow you to purchase the home of your dreams or buy the home that better fits your current lifestyle.
  4. Home Improvements
    1. A reverse mortgage can help you with home improvements that meet your current wants or needs.
  5. Assist with rising health care costs
    1. A reverse mortgage can help you meet the rising health care costs of prescriptions, doctor visits, or home health care.
  6. Enjoy retirement
    1. A reverse mortgage can allow you to travel, spend more time with children and grandchildren, or make the major purchases you have always wanted.

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