How Can I Use My Reverse Mortgage Funds?

The funds received from a reverse mortgage can be used in any way you like. They can be paid as a lump sum, monthly payments, or a line of credit. You can even change your mind about how the funds are taken.

Here are just some of the uses our clients have shared with us about what they have done with funds from their reverse mortgage:

     Home repairs or remodeling – Maybe you’ve been putting off that needed repair or update to your home. Does someone in the home have mobility issues or do you just want to remodel that kitchen or bath?

     Consolidation of debt – Get rid of those high interest credit cards and other debt. Make those monthly payments “disappear”.

     Health Care Costs – The cost of health care can be overwhelming. Prescription medication, Medicare co-pays and other expenses that are just not covered can really mount up. The reverse mortgage can take the worry out of paying these bills.

     A New Car – Are you stuck in that old clunker that you’ve been driving for the last 10 years or more? Repair costs on a car that has seen its better days can add up to be as much as, or even more than, the cost of payments on a new car.  A reverse mortgage can help you get the new car you need without a monthly payment.

     A Vacation – Just because you’re retired doesn’t mean you don’t need a vacation every now and then. The retirement years are one of the best times to get out and do the things you’ve always wanted to do but never had the time. Go see the grandchildren or take a cruise! A reverse mortgage can give you the money you need to get away from it all for a while.

Supplement Your Current Income- A reverse mortgage can be the perfect way to put that extra bit of cash in your pocket each month.

Is A Reverse Mortgage the appropriate solution for your personal needs?

To find out, contact us for a no–cost or obligation consultation. We would be happy to discuss the Reverse Mortgage program with you and assist you with determining if it is the appropriate solution for your personal situation. You can contact Sue Haviland at 443-677-0389 or e-mail shaviland@ireverse.com Or Brian Sacks at 443-324-8424 or e-mail bsacks@ireverse.com