Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
11 ways you can use your reverse mortgage funds
There are many reasons why a retired homeowner would consider taking a reverse mortgage. Some people use a reverse mortgage as part of a financial plan, while others use it in the case of an emergency. There are very few restrictions on what the funds from a reverse mortgage can be used for, although, you need to be able to pay your property taxes and home upkeep apart from the funds. Overall, your funds are available to you as your own money, to do with whatever meets you need.
As with any financial solution, it is important to talk to a professional to make sure you qualify and that it makes sense for you. Home equity is a valuable financial tool for those looking at retirement fund options. This list of 11 ways you can use your reverse mortgage funds, demonstrates some of the ways we have seen others use them.
1. Pay Off Your Mortgage Completely
Free up your budget by using the equity in your home to pay off the balance by using a reverse mortgage.
2. Buy Long Term Care Insurance
Put the equity to use by paying a Long Term Care policy to cover your medical expenses, or pay medical care premiums ... more
Are you on The Rain? Grow Your Network!