You worked hard to pay off your mortgage and now you have a sizable chunk of equity. You can use a reverse mortgage to access that money. Finally, it’s like your home is paying you instead of the other way around. When you’re thinking of a reverse mortgage you might ask: What can I use a reverse mortgage for? Well, at Reverse Mortgage4U we have been offering reverse mortgages for long enough that we’ve seen how our clients use them to enrich their lives and enjoy the things that they’ve built for themselves. Here are five alternative ways you can use a reverse mortgage.
1. Home Updates
If you’ve been dreaming of doing major renovations on your home, now is the time to complete them. You might want to update the home to make it more modern, both in style and function. Especially as you age, features like barrier-free showers, well-placed handrails and non-slip surfaces can be smart additions to keep your house in line with what you need for the future.
2. Travelling with the Entire Family
Over your life, you’ve either raised a family that has grown up, or you’ve collected friends that have always felt like family. Many people choose to make the most of their reverse mortgage by taking a trip with all of the people that matter to them. Experience a place you’ve always dreamed of, and share that experience with those closest to you.
3. Help the Family
While you’re well-established, many of your family members may just be starting out. They could use your help in affording some of the major things in their life. Paying for someone’s education or providing someone’s down payment will help them become financially stable. Or, you might consider paying for a wedding, which can seriously help a young couple start their life while also being something that you may enjoy.
Contact our experts to learn more about reverse mortgages and how they could benefit you!
4. Medical Expenses
Unfortunately, the older we get the more likely we are to develop serious medical conditions which require expensive medications, surgeries, or other things that may not necessarily be covered by our healthcare system or by your insurance. Tapping into your home’s equity can often majorly relieve financial troubles from medical expenses. And, when you have the money to pay for medical issues sooner, you can often prevent them from worsening and keep yourself more comfortable.
5. Stay in Your Home
Reverse mortgages for older seniors are often an important tool to keep them in their homes. After retirement, it can be harder to afford the upkeep that your home needs and you may even want to hire people to perform that work for you. Or, in order to stay in your home, you may want to pay for other kinds of support, like home care from PSWs, food delivery services and more.