Common Uses

Live more comfortably with a reverse mortgage loan. Its flexible repayment feature* gives you more freedom in how you manage your monthly expenses, and you can use the funds as you choose. For example:

  • Establish a “rainy day” fund
  • Supplement your income
  • Pay off an existing mortgage or other debts to improve cash flow
  • Pay monthly bills
  • Make home improvements or modifications
  • Pay for health care
  • Cover the cost of in-home care, whether medical or non-medical
  • Make a major purchase such as a new vehicle
  • Buy a home

Depending on your needs and plans, you have the choice of taking your funds as:

  • A line of credit — which offers all the benefits of a traditional Home Equity Line of Credit, but with greater flexibility
  • Monthly advances, either for a set period of time or as long as you live in your home
  • A lump sum
  • Or a combination of these options
  • Plus, you can change how you receive your remaining funds at any time, if you need or want to

*With a reverse mortgage, no principal and interest payments are required until you move, pass away or sell the home, as long as you meet your loan obligations. (As with any home-secured loan, you must keep current with property-related taxes, insurance and maintenance for the loan to remain in good standing.) However, you can opt to pay down your principal and interest if and when you choose; no pre-payment penalties apply.

To learn more, contact me today.

Vicki Cheairs
HECM Loan Specialist, NMLS #543256
Call 281-855-1122 | vcheairs@reversefunding.com

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