The proceeds you receive from your reverse mortgage may be used for any purpose at all. Here are just a few examples of how the proceeds can be used to improve your quality of life:

• Supplement Your Income

You can take the proceeds from your reverse mortgage as a monthly payment to add to your existing income.

• Pay Off Your Debts

Use the proceeds to pay off any remaining debt you have such as credit card bills, car loans, etc.

• Make Home Repairs

Make the repairs to maintain your home that you’ve always wanted to make but were afraid to because of the cost.

• Pay for Healthcare, In-Home Healthcare & Prescription Medicine

With costs for healthcare and prescription drugs increasing, almost any illness can significantly impact any savings or assets that have been put aside for retirement. Use the proceeds from your reverse mortgage to pay for all your healthcare needs.

• Pay Off Your Existing Mortgage and Remain in Your Home

With a reverse mortgage, you pay off your first mortgage which eliminates your monthly mortgage payment all together, leaving you with more money each month to do whatever you choose.

• Affording some of the things you have always wanted to do

Don’t let lack of funds prevent you from doing the things you desire such as traveling or hobbies. With the proceeds from a reverse mortgage you can live the life you’ve always wanted to in your retirement.