There are many uses for a reverse mortgage. Most people are under the belief that reverse mortgages are only to be used by seniors who need income in retirement. While this is the prevailing concept behind a reverse mortgage, it’s by far the only use for the same.
Several sites throughout the internet will detail for you the many creative ways a senior citizen may use a reverse mortgage. If you have a look at the following piece by reversemortgage.org, you’ll see 25 uses for a reverse mortgage, including paying off your existing mortgage, cover monthly expenses, covering health insurance, paying for long-term care, subsidizing your retirement, among many others.
This infographic courtesy of the National Reverse Mortgage Lenders Association provides a visual look to how these 25 uses are applied as well.
According to Mortgage 101, the most common uses for a reverse mortgage are buying the second home of your dreams, college expenses for a child or grandchild and life insurance in order to leave a sizable inheritance to your heirs.
Just this week at Strock and Tanner Mortgage, we closed on a reverse mortgage for a client who is using the funds to subsidize not only her retirement income, but to actually launch her retirement dream business. Yes, this lady has a fantastic business idea for which you needed funding. What better way to fund this idea than to tap the equity with the money she’s paid into her home over a lifetime?
Are you or your senior parent interested in a reverse mortgage for any of the reasons listed above?
I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Strock and Tanner Loans specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.