Here at One Reverse Mortgage we have helped thousands of seniors through the reverse mortgage process. If you are considering a reverse mortgage you may be wondering, what do people do with the proceeds from their reverse mortgage? Here are the five most common things people use their reverse mortgage for.
Visit family or friends – In today’s fast paced world it can be easy to grow about from friends and family. Sometimes friends or family have to move for a job. Next thing you know it’s been 15 years since you have seen them. Many people who get a reverse mortgage use the proceeds to travel to see friends and family. Trips can be expensive. With the proceeds from a reverse mortgage, it makes it easier to go on those trips.
Pay off credit card debt – Debt can hang over your head and bring down your mood and really make your day to day life gloomy. Money is the number one reason for divorce in America. With a reverse mortgage senior homeowners 62 and older are able to use the equity from their home to pay off debts like credit cards or other loans. Just think how wonderful it would be to pay off a debt like a credit card? How much money would you save if you paid off a high interest credit card?
Use for daily expenses – For some a reverse mortgage just makes every day living just a little bit nicer. Imagine being able to go out to dinner every night. Or see every new movie that comes out, or having the extra funds to spend on your grandkids. With a reverse mortgage you can do exactly that.
Pay for medical bills – Medical expenses can be the biggest cost in retirement, especially for seniors who have yet to reach the age for Medicare which is 65. Some seniors go into extreme debt trying to cover the costs for medical bills before they reach the age of 65. With a line of credit option with a reverse mortgage you have the ability to have access to the money as you need it.
Save for a rainy day – For some seniors just having a nice rainy day fund is all they use a reverse mortgage for. The process to receive a reverse mortgage is a quick process, just five easy steps here at One Reverse Mortgage. You can close your loan quickly and save the funds for a rainy day. It can give you the peace of mind knowing that if something were to happen to your home you would have the funds
These are just some of the common things seniors choose to use the proceeds from their reverse mortgage. The best part about the funds you can use from a reverse mortgage….you can use it for anything you want. There are so many benefits to the program. Looking to get started or have some questions? Give us a call. A licensed expert can talk with you and see if the program makes sense for your financial goals.