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How You Can Use the Money You Receive

  • Pay off existing mortgage or debts, anything from credit cards to home equity lines of credit to car loans..

  •  Adding to your monthly income. You can take the money from a reverse mortgage as a monthly payment to supplement your existing income

  • Paying for home maintenance or repair. Your home is probably your most valuable asset and you can use the money you get to maintain, or possibly increase its value.

  • Creating a cash reserve for emergencies. Many people like the feeling of security they get from having a financial "cushion".

  • Providing funds for long-term care insurance or other financial tools. Freeing up cash with a reverse mortgage can help you afford components of a financial plan.

  • Helping family members or loved ones financially. Pay for tuition or establish an education fund for grand-kids, help a child buy a new house or just give gifts to the people you care about. The choice is yours.

  • Being able to afford special things you've always wanted to do, such as travel or hobbies. Don't let lack of money keep you from doing the things you've always dreamed of doing.

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