Choosing Financial Freedom

5 Ways To Use A Reverse Mortgage In Your Retirement Years

23 October 2019

Aubree Mccoy

If you are a homeowner who is retired or who is thinking about retiring in the next few years, it might be time to start looking into a reverse mortgage. Basically, you can use the equity in your home to get a cash loan. This type of loan might really help you out in your retirement; a few different ways you can use one of these loans are listed here. Luckily, though, these loans can be used for other things, too, based on your needs.

1. In-Home Care

You might need a little extra help with things like taking your medicine, taking a bath and otherwise taking care of yourself. This may not be the case now, but it could become an issue in the future. Being able to stay in your own home instead of moving into an assisted living facility or nursing home can have a big impact on your happiness and quality of life. With a reverse mortgage, you can still stay in your home, and you will have extra money to pay for in-home care.

2. Paying Bills 

Covering your household bills with your Social Security check or modest retirement income might be challenging. With a reverse mortgage, you can supplement your income and ensure your bills are covered.

3. Enjoy Your Retirement

You might have worked hard your entire life. Now, you might be ready to enjoy yourself by taking a few vacations or otherwise having a good time. If money is tight, it can be hard to enjoy your golden years. A reverse mortgage can give you a little extra money for all of the fun stuff. Plus, it can lighten up some of the financial stress that could otherwise get in the way of you enjoying yourself.

4. Cover Your Medical Expenses

It is possible for medical bills and expenses to add up really quickly. Health insurance can help, but this doesn't mean that you will not end up with expensive medical bills. You should not have to go without necessary medical care because of lack of funds, and you should not have to worry about overwhelming medical bills, either. A reverse mortgage can help you with the funds that you need.

5. Make Changes to Your Home

Now that you are retired, you might have different needs for your home than you did in the past. You might want to install a walk-in bathtub, for example, or you might want to renovate one of the downstairs rooms in your home to turn it into a bedroom. Home renovations can be expensive, but a reverse mortgage can help.

Share