A reverse mortgage has been very beneficial for literally hundreds or thousands of seniors across the USA. Some of the more common uses of a reverse mortgage can be segregated into a few categories, relieving financial stress, improving living conditions, addressing medical needs, estate and/or long term care planning and assisting other family members. Noted below are some of the more common uses of the funds provided by a reverse mortgage.
Relieving Financial Stress
Pay off existing mortgage
Pay off Credit Cards & Other Debts
Increase monthly revenue
Improving Living Conditions
Allowing for home repairs
Modifications for limited mobility
Additions for family are givers
Addressing Medical Needs
Hospital and surgical needs
Support cost of prescription drugs
Distributing Assets to avoid estate taxes
Estate and/or Long Term Care Planning
Allow for professional and/or family care givers
Purchase of Long Term Care insurance
Assisting Other Family Members
Grandchildren’s college tuitions
Helping with purchase of new home
Assisting with unexpected medical expenses
However, there are also certain situations where a reverse mortgage may provide some immediate relief, but at a cost that may make the use of a reverse mortgage inappropriate. That’s not to say that a reverse mortgage should never be used in these situations as each individual set of circumstances are different, but careful consideration of all of your options should be explored in these situations.
http://reversemortgagecalculator.shotblogs.com/calculators-for-reverse-home-loans-267601
http://reversemortgagecalculator.ampedpages.com/Reverse-mortgage-for-a-long-period-1387445
http://mortgagereverse.blogminds.com/how-to-use-a-reverse-mortgage-calculator-304535
http://mortgagecalculator.amoblog.com/limitations-mortgage-calculator-652084
http://calculatereversemortgage.suomiblog.com/calculate-your-reverse-mortgage-315956
http://www.indyarocks.com/blog/3082635/Im-glad-I-found-Very-best-Reverse-House-loan-Calculator
https://h2o.law.harvard.edu/collages/41647
http://reversemortgageconsultant.tinyblogging.com/Use-the-reverse-mortgage-calculator-to-know-what-is-the-best-option-364345
http://johnreverse.canariblogs.com/a-reverse-mortgage-calculator-is-very-simple-to-use-172376
http://reversemortgage9.jimdo.com/2016/07/06/reverse-mortgage-interest-rates-affect-loan-amounts/
