Common Reasons for Taking out a Reverse Mortgage

One of the advantages of a Reverse Mortgage loan is that borrowers generally have the freedom to use their cash proceeds any way they choose.  Eligible homeowners obtain Reverse Mortgages for many reasons including:

  • Repairing or modifying the home to meet the physical needs of getting older
  • Supplementing retirement income to meet expenses
  • Managing the costs of in-home care
  • Paying off an existing mortgage
  • Paying bills
  • Paying property taxes
  • Delaying Social Security
  • Providing a source of funds for living expenses in lieu of liquidating financial investments
  • Establishing a line of credit for use as a financial safety net
  • Helping retirement savings last longer
  • With our HECM for Purchase (H4P) option, customers can help finance the purchase of a new home

Reverse Mortgage loans are most successful when borrowers have a plan to ensure the money supports and sustains them for as long as they want to stay in their home.

 

To learn more, contact a Reverse Mortgage Banking Representative today!

 

                                       


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