What can I buy with the money?

A benefit of reverse mortgages is the freedom to use the funds however you want. Many people choose a reverse mortgage to eliminate their monthly mortgage payments and to cover large or unexpected expenses.

You can use your reverse mortgage to:

-Pay off an existing mortgage and eliminate debt
-Cover medical care, prescription drugs and in-home care
-Supplement your retirement income
-Make home improvements and repairs
-Modify your home for better accessibility
-Travel to visit family and friends
-Contribute to your grandchildren’s college education
-Purchase a new home with only a down payment