How Can You Use the Money Obtained from a Reverse Mortgage?

When approved for a reverse mortgage, the money is yours to use in any way you like.  Seniors often have a difficult time financially when it comes to monthly or unexpected expenses, so you can live comfortably while remaining in your home.  Reverse mortgages are also commonly used for:

  • Making improvements to the home or repairs
  • Medical costs
  • Long term health care costs
  • Paying an existing mortgage off
  • Grandchildren's education costs
  • Taking the vacation of your dreams
  • Traveling
  • Providing financial assistance to loved ones or family members
  • Any purchase or expenditure you want to use it for