You've Received Your Reverse Mortgage Funds. Now What?

When your Reverse Mortgage loan is approved and begins, you can delegate how you want to receive your funds and what you want to use the funds for.

If you are curious about some of the common ways these funds are used, please take a moment to review the following list:

• Eliminate an existing mortgage. This will increase your monthly income and stop any future mortgage payments.
• Supplement your monthly income. You can use the funds from a Reverse Mortgage to add to your monthly income.
• Debt Relief. You can use the funds as a means to pay off existing debts from credit cards, card loans or even a home equity loan.
• Assist family members with unforeseen or needed costs. Some of these include gifts, helping a family member buy a home or to help with college tuition.
• Create a cushion for home repairs or needs. You can use the funds to make home improvements which can help increase the value of your home.
• Extracurricular Purchases. You can use the funds to buy a home at the beach, take a dream trip or purchase hobby items.

Still have some questions about the Reverse Mortgage program?

Call or us today and one of our Mortgage Specialists will answer any questions you may have about this program.