Over the past 17 years since I have been working with Alabama’s senior homeowners with various Reverse Mortgage Uses.
Here are the 25 most popular Reverse Mortgage Uses today.
The Newer Ones Ill List On Top. They are basically cause and effect from inflation, housing costs, high interest rates, etc.
Looking to refinance their current mortgage in order to reduce/eliminate their monthly mortgage payment
Need additional/supplemental monthly income to enhance their current lifestyle
Interested in a HELOC or Cash-Out Refinance to make home improvements or pay off other debts
Has limited income and/or poor credit and can’t qualify with you for another traditional mortgage product
Looking to Purchase a New Home
Pay off your forward mortgage to reduce your monthly expenses.
Re-model your home to accommodate aging limitations.
Maintain a line of credit (that grows) for health emergencies and surprises.
Cover monthly expenses and hold on to other assets while their value continues to grow.
Cover monthly expenses and avoid selling assets at depressed values.
Pay for health insurance during early retirement years until Medicare eligible at 65.
Pay your Medicare Part B and Part D costs.
Combine life tenure payments with Social Security & income generated by assets to replace yoursalary and maintain your monthly routine of paying bills from new income.
Pay for your children’s or grandchildren’s college or professional education.
Maintain a “standby’ cash reserve to get you through the ups and downs of Investment markets.
Combine proceeds with sale of one home to buy a new home without a forward mortgage & payments.
Pay for long-term care needs.
Fill the gap in a retirement plan caused by lower than expected returns on your assets.
Pay for short term in-home care or physical therapy following an accident or medical episode.
Pay for a retirement plan, estate plan, or get a will.
Convert a room or basement to a living facility for an aging parent, relative or caregiver .
Set up transportation arrangements for when you are no longer comfortable driving.
Create a set aside to pay real estate taxes and property insurance. Delay collecting Social Security benefits until It maxes out at age 70.
Eliminate credit card debt and avoid building new credit debt.
Cover monthly expenses In between jobs or during career transition without utilizing other saved assets.
Cover expenses and avoid capital gains tax consequences of selling off other assets.
FHA doesnt care what your Reverse Mortgage Uses are; they hope people use the money sparingly to avoid not having enough to finish retirement on.
Whatever your Reverse Mortgage uses may be call Scott Underwood today at (205) 908-2993 or email scott@reversemortgagealabama.com. Serving the top half of Alabama from Muscle Shoals to Scottsboro to Anniston to Cukkman, to Jasper, to Tuscaloosa, to Auburn and places in between.
