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
- Pay off your existing mortgage
- A reverse mortgage pays off your existing mortgage and increases the disposable income you have available each month.
- Help improve your monthly budget
- A reverse mortgage can assist you in making monthly ends meet, payoff credit card bills, or pay off other outstanding debt.
- Purchase a home
- A reverse mortgage can also allow you to purchase the home of your dreams or buy the home that better fits your current lifestyle.
- Home Improvements
- A reverse mortgage can help you with home improvements that meet your current wants or needs.
- Assist with rising health care costs
- A reverse mortgage can help you meet the rising health care costs of prescriptions, doctor visits, or home health care.
- Enjoy retirement
- 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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