OK, so this is not David Letterman's Top Ten List, but it is AARP's Top Ten List for why seniors are deciding to get an FHA insured HECM Reverse Mortgage loan.
So, here we go: Top 10 Reasons Seniors Get A Reverse Mortgage
Number 10. Investments, annuities, or long-term care insurance
Number 9. To financially assist family members
Number 8. Keep up with property taxes and insurance
Number 7. Health or disability
Number 6. Pay off non-mortgage debts
Number 5. To pay for unexpected emergencies
Number 4. To help pay for everyday expenses
Number 3. To improve the quality of life
Number 2. For home repairs or improvements
And the Number One Reason Seniors Get A Reverse Mortgage (drum roll please)
Number 1. To Pay Off An Existing Mortgage Balance
Regardless of whether the reason you might be looking into getting a reverse mortgage loan is on this list or not, actually makes no difference. A reverse mortgage loan can be used for any purpose you choose. After all the money you are accessing from your home through this mortgage vehicle is all ready your money. There are no restrictions on how you can use it.
If you would like to see how much money you are eligible to receive, feel free to request your free reverse mortgage loan quote today.
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Quote: "Number 1. To Pay Off An Existing Mortgage Balance" Facing foreclosure in senior age is embarrassing but depending on children/taking a job in this economic recession might be impossible.
A good example of reverse mortgage saving the day in this reason can be seen here: http://www.reverseloancontract.com/foreclosure-of-a-reverse-mortgage.php