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5 Ways You Can Use Your Reverse Mortgage Proceeds

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Things You Can Use Your Reverse Mortgage Funds On

Once you have gone through the process and filled out your paperwork, you are now looking forward to how you can use your reverse mortgage proceeds. For many people, they already had an idea of how they will use their payments, including putting into use during their retirement years.

Here are some examples of what satisfied borrowers have done with their reverse mortgage funds.

1. Home Repair or Home Remodeling

With the kids out of the nest, that is sometimes the best time to make your home into your modern dream home. A reverse mortgage can help seniors who are looking to renovate their homes to build their dream kitchen or even as a financial tool to help update their homes to fit their changing physical needs. Many borrowers who use their reverse mortgage on their homes, have used it anywhere from a need (such as repairing a roof) to a want (i.e. remodeling a bathroom). Because your reverse mortgage is there to help you age in place, you might as well make your home as comfortable as possible throughout the rest of your years.

2. Family

With a reverse mortgage, some families worry about whether or not they will have something to leave for their heirs. However, some seniors turn to reverse mortgages as an opportunity to be there for their heirs and family. Instead of waiting for their heirs and family to inherit the equity, some borrowers may choose to use their reverse mortgage funds for quality time with their family members.

Here are some examples that you can use for your reverse mortgage for you and your family:

– Pay for a family vacation.

– Help send your grandchildren to school.

– Help your family members who may need financial help.

and more!

3. Pay off bills

A reverse mortgage can be there to help you live comfortably through your retired years, but with bills and debt, that can be a problem. A reverse mortgage can help pay off the rest of the mortgage on the home, or help pay off that annoying credit card debt. With it helping pay your bills, you are able to have one less thing to worry about.

4. Medical Expenses

One thing that many people worry about with their retirement is wondering how they will pay for medical expenses. Even with Medicare, you may still be required to make some payments. Your reverse mortgage can be there to help ensure that you have extra cash to help with any medical expenses you may have, from prescriptions to medical co-pay. A reverse mortgage can also be used to help pay for long-term care. Even if you do not expect to use long-term care, as part of your retirement planning, it would be a good idea to be financially prepared for it.

5. Retirement Planning Tool

Plain and simple – use your reverse mortgage to help you ensure that you live your retirement the way you want it to be. Whether you are using it to pay for your dream retirement vacation or if you plan on using the funds as a financial safety net – a reverse mortgage can work for you in any way. To learn more about reverse mortgages and how they can work for you, call 1-888-808-8486.


Read Related Articles: 

Practical Uses for Your Reverse Mortgage Funds

5 Hidden Costs of Retirement

Image courtesy of [worradmu] / FreeDigitalPhotos.net

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