Reverse Mortgage

Reverse Mortgage Uses

A reverse mortgage makes your home’s equity work for you. Possible uses for reverse mortgage funds include:
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  • Supplement to your monthly income with tax-free proceeds
  • A line of credit for sudden expenses
  • Eliminate your current mortgage and have no monthly payment
  • Making repairs or improvements to your home
  • Purchase of a new automobile
  • Pay for needed prescription drugs
  • Pay for in-home health care
  • Travel
  • Purchase an RV or 2nd home

There are virtually no restrictions on how you can use your hard earned equity!
According to a joint survey conducted by the U.S. Department of Housing and Urban Development (HUD) and AARP, the most common uses of a reverse mortgage are:

As Published by HUD/AARP Chart

 

 

**Although the majority of reverse mortgages are HUD insured, these statements have not been reviewed by or approved by HUD or FHA nor any government department or agency.**