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Ways to Use a Reverse Mortgage Loan

The proceeds from a reverse mortgage loan is versatile, and can be used for almost any number of purposes in retirement.

Here are some examples of how you can use funds from a reverse mortgage:

  • Cover daily living expenses.
  • Renovate home to improve safety for aging occupants.
  • Pay off existing mortgage to reduce monthly expenses.
  • Pay for health care until Medicare eligibility at age 65.
  • Maintain a line of credit for emergencies.
  • Pay for your child’s or grandchild’s education.
  • Buy and move into a more appropriate home.
  • Pay for long-term care services.
  • Pay for short-term recovery care or physical therapy after an accident.
  • Fill the gap caused by lower than expected investment returns.
  • Delay receiving Social Security benefits until 70.5 years old, when it gets maxed.
  • Eliminate credit card debt.

Because there’s basically no restriction on how you use the funds from a reverse mortgage loan, you should not feel limited to just the examples presented above.


Questions?

Ask our reverse mortgage experts to receive specific answers as well as qualified financial advice. You may also visit our FAQ to check whether we’ve already covered your question.

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