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QUESTION: Is a reverse mortgage best used only as a last resort strategy?
September 28, 2018
QUESTION: Where can I go to get info about mortgage terms that I don’t understand?
October 8, 2018

QUESTION: What can I use the money I receive from a reverse mortgage for?

Answer:

Reverse mortgage proceeds can be used in multiple ways.

Among the most common uses are paying off an existing mortgage or other debt in order to have no monthly mortgage or debt payments; creating a cash reserve; supplementing monthly income; paying for home improvements; or covering medical bills or long-term care expenses.

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