Funds from a reverse mortgage can be used however you like.
One of the more common ways to leverage a reverse mortgage is for aging in place, and getting in-home medical care and support to avoid moving to a nursing home. By doing so, one has a more comfortable environment, and greater control over the quality of care, and potentially more access to family and the daily routines instead of the disruption of moving.
As the classic adage goes, “dig your well before you’re thirsty”, so we encourage clients to obtain financial flexibility and options before they’re needed.
Most people start retirement strong: they have some funds saved, expenses are relatively low at first and frankly most think they don’t need it.
With time, however, expenses increase. Whether it’s simple inflation over time, or rising medical costs it all adds up. If you plan to remain in your home as long as possible, you may choose to consider upgrades to the such as stair-elevator systems or additional bath handles. Having these installed before they’re needed instead of waiting until an injury occurs may be prudent.
A reverse mortgage is simple a tool to unlock non-liquid equity and convert it to cash. The asset (the home) is still yours, just like a regular forward mortgage, but you’ll have greater flexibility to manage all expenses – medical included.
We’d like to help you! Why not request a quote, and we’ll give you some risk-free options to consider? Just fill out the form on the right and we’ll get right back to you. There’s no pressure – just a friendly chat and options to think about.
Note: We’re lending professionals, not tax experts. For full details about your exact situation, please seek the advice of a licensed tax professional.