Reverse Mortgage FAQ
Reverse Mortgage FAQ – Recently while counseling a borrower in Philadelphia the husband wanted to know if he could use the money to purchase an RV. While using cash from a reverse equity loan to buy an RV is uncommon it is allowed.
In fact you can use the money, which is a loan against the equity in your home, for anything your heart desires. Providing it’s legal of course. Below are some of the most common uses of cash from a reverse mortgage. If you decide you’d like a quote call toll-free 1-877-311-7383 or simply complete the contact request from located on this site.
- Replace lost retirement income
- pay for home repairs or renovations
- pay for long-term health care insurance
- Pay the cost of health care and prescription drugs
- Pay off existing mortgage, taxes and other debts
- Buy a motor or a vacation home
- Buy a new car, boat, or make needed repairs
- Give your kids a down payment for a house
- Help the grandchildren with college tuition
- Give to your church or other charities
- Travel and just have more fun
Ask your reverse mortgage question in the comment section and I’ll provide you an answer. If you’re looking for ways to avoid doing a reverse mortgage check out the post on 7 Ways to Avoid Tapping Retirement Cash.
