10 Popular Reasons for Obtaining a Reverse Mortgage. (At least in my experience!)
- Eliminate Monthly Mortgage Payment
- Replace Investment Income Lost Due to Market Performance
- Supplement Inadequate Retirement Income - It is amazing how many senior homeowners are trying to make ends meet on less than $1300 a month!
- Repair and complete Deferred Maintenance on an Older Home.
- Help Out Family
- Set Up Credit Line For Future or Immediate Replacement of Lost Income Due to the Death of Spouse.
- Payoff Other Debts (Credit Cards, Automobile Payments)
- Set Up Credit Line to Fund In Home Health Care.
- Large Purchase - Vacation Home, Investment Property, Motor Home, Car
- Remodel & Add On to the Home.
Thanks for the reminder! One of the newest reasons to get a reverse mortgage. Buy A New Home with No House Payments!
Reverse Mortgages are a financial tool designed to address cash flow. This tool can be used for all sorts of reasons, some good and some poor. Be sure to discuss your plans with a knowledgeable financial advisor well versed in the reverse mortgage product, who understands your goals and financial situation. For information about impartial 3rd party reverse mortgage counseling please link to HUD's HECM Counseling Page - http://www.hud.gov/offices/hsg/sfh/hcc/hccprof18.cfm
Deborah Nance, Reverse Mortgage Professional for Corona, the Inland Empire and Southern Californa.
