What are the Benefits of a Reverse Mortgage? Plenty.
There are no restrictions on what you do with the money. Some reverse mortgage benefits include:
- Pay off your existing mortgage
- Supplement your retirement income
- Pay your property taxes
- Cover medical expenses
- Make home repairs or improvements
- Pay for long-term care
- Pay off debt
- Estate planning or Funding Trusts
- Financial Planning
- Pay your grandchildren’s tuition
- Give to charity
- Managing everyday expenses
Your Reverse Mortgage Can Help With Healthcare Costs
Healthcare issues are a critical financial concern for many seniors. If you are a homeowner, 62 years or older, you can use your reverse mortgage benefits to cover a variety of medical and healthcare expenses, such as:- Home modifications
- Prescriptions and medications
- Long-term care insurance
- Physical therapy
- Mobility and medical equipment
- Supplemental medical insurance
- In-home carehttp://www.generationmortgage.com/reverse-mortgage-benefits.htm
How you choose to use your reverse mortgage benefits is entirely up to you.
One Generation Mortgage customer used her money this way:
Cindy and Tom's mother faced an $800 monthly mortgage payment. Due to the number and expense of the medications she required, she was struggling. But a reverse mortgage eliminated her current monthly mortgage payment. "Our mother's reverse mortgage was like giving her an $800 raise each month. Something my brother and I couldn't afford to do on a regular basis,” said Cindy. “Now she is able to afford all her medicines and still put some money into savings each month. My brother and I can relax knowing that mom is financially secure and still in her own home."
Reverse Mortgages and Your Federal Benefits
Your reverse mortgage proceeds generally do not affect federal benefits such as Social Security or Medicare. However, if you receive SSI (Supplemental Social Security Income), Medicaid, or other state benefits, these loan advances count as "liquid assets" if you keep them in an account past the end of the calendar month in which you receive them. If you do so, you could lose your eligibility for these programs if your total liquid assets (for example, money you have in savings and checking accounts) are greater than these programs allow. Contact your local area Agency on Aging or other state agencies to be sure you will not be affected.
http://www.generationmortgage.com/reverse-mortgage-benefits.htm
