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Using a Reverse Mortgage In California

Reverse – Common Uses

The funds from a reverse mortgage can be used for a variety of proposes. The best news is that you are not restricted in any way in how you use the funds and no monthly payments are required during the life of the loan.

Examples of uses of a reverse mortgage include:

  1. Refinance your existing property liens and mortgages (including an existing reverse mortgage) and make no more monthly payments
  2. Consolidate your debts: credit cards, car loans, equity lines, anything
  3. Use your money to make investments
  4. Take better vacations
  5. Supplement your retirement income
  6. Have money to make home repairs and improvements
  7. Long-term care insurance
  8. Medical expenses and prescription drugs
  9. Pay your property taxes
  10. Retire now
  11. Pay for your funeral now, so you family won’t have to
  12. Purchase a primary residence without being restricted due to limited income, employment, or bad credit.

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