Here are some ways that seniors are enjoying life with a Reverse Mortgage.
Guaranteed Growing Line of Credit
This is for seniors who are in good shape financially and don't necessarily need any cash at this time. It offers security against future unknowns, emergencies, medical needs or any other unexpected need that may arise by giving quick access to tax-free cash.
Travel
Now may be the time to travel to your dream destination. You can finally take that cruise you have been talking about for so long. You can even travel to visit family you haven't seen in awhile.
In-Home Care
If you or your spouse have additional health care needs, you can now enjoy the freedom, convenience and comfort of receiving your care in your home, instead of at an outside care facility.
Staying In Your Home With Increasing Costs
You are on a fixed income and have equity in your home. You find that your cost of living continues to increase year after year and it is becoming more and more difficult to maintain your standard of living.
Purchasing a Smaller Home
With the children gone, you just may not need the larger house anymore. Maintenance is costly and you may be thinking of getting into a smaller place that is more manageable or maybe closer to loved ones. Purchase with easier qualifying and no required payment.
Purchase Vacation Home Without Selling Your Home
If you have been thinking of purchasing a vacation home, maybe even in another country, but you don't want to sell your primary residence, a Reverse Mortgage can accomplish this with no required monthly payments on both homes.
Replacing Lost Income
When a beloved spouse suddenly passes, the surviving spouse can quickly find themselves with unpaid bills and less income. A Reverse Mortgage is able to help maintain their standard of living and contribute to a more secure future.
Large Cash Purchase
You wish to make a cash purchase, for example a motor home. The cost of the motor home is $100,000. You prefer not to finance and incur high monthly payments. You don't want to drain your savings and you can't take funds from qualified accounts as you will pay taxes and penalties.
Long Term Care
A Reverse Mortgage can give you the needed funds to extend your long-term care needs.
Divorce
When one party wants to stay in the home after divorce but cannot qualify to refance to pay off the other party, a Reverse Mortgage can be the perfect solution to acquire the needed cash for the pay off and stay in the home with no required mortgage payments.
College Tuition
If you desire to help children or grandchildren with college tuition, trade school or even purchasing their first home, a Reverse Mortgage can accomplish this without the burden of a required monthly mortgage payment.
Pay Off Your Current Mortgage Loan
If you have a current home loan with a high monthly payment, or just want to pay off your existing loan, a Reverse Mortgage can accomplish both for you. Switch out your current mortgage with one that has no required monthly payments.