What To Do With Your Reverse Home Mortgage Funds
Your reverse home mortgage lender will help you determine how much you’re eligible to receive, but it’s up to you how you use it. It’s your money to spend or save as you see fit. You can even choose whether to receive it as cash, a line of credit, a monthly income, or a combination of these options. Some options that you can use your reverse home mortgage proceeds are:
Home repairs: Install safety grab bars in shower, spring cleaning, clean or replace carpeting, interior and exterior painting, general repairs, new roof, new hot water heater, new furnace, update kitchen appliances, remodel bathrooms, finish basement, landscaping improvements, repair or replace deck, or just buy a new home closer to your grandchildren. Not everyone realizes that a reverse mortgage can be used for a new home purchase!
Other ideas: new computer, computer lessons, repair or replace automobile, take a dream vacation, help grandkids, investments, RV purchase, travel the country, make deposit in emergency funds account, pay off credit cards, new hobby, plan a family reunion, create a digital scrapbook, long term care insurance, pay for in home care, long-needed dental work, and on and on and on.
>> How one Colorado resident used the proceeds from her reverse mortgage loan
Reverse home mortgage consultant, Denver CO
720.641.3482
Email me