- Travel
- Buy a boat or a summer home
- home repairs and renovations
-
Long-term healthcare
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Pay off existing debt
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Healthcare + prescription drugs
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Pay taxes
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Your grandchildren's education
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car repairs or a new car
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Earn a college degree
- ALMOST ANYTHING!
Reverse Mortgage Fast Facts
All borrowers must be 62 years or older
No repayment is made until the home is sold or the owner permanently moves out or passes away
You will never own more than the current market value of your home at the time the loan becomes due
No income qualification
Interest is paid at the time the loan is repaid
When the loan is due, your heirs have choices - they can repay the loan and keep the house, or sell the home and repay the loan
Social Security benefits and Medicare are generally not affected by a reverse mortgage - consult appropriate government agencies
You own your home - the lender does not take control of the title
Typically, interest rates are adjustable and can change periodically
Closing costs and fees incurred can be financed as part of the loan
