Are there any limits on how I can use the funds from a Reverse Mortgage?

No. Borrowers have spent the funds from Reverse Mortgages for a variety of purposes. Among these have been to pay health care expenses, supplemental retirement income, home improvements, home modifications, higher education, gifts to others, and long term care insurance premiums. Some have used a Reverse Mortgage to purchase recreational vehicles, start a small business, and travel the Amazon. Some have used Reverse Mortgages to eliminate expenses by paying off mortgages and credit card debt. The only limit on how you use a reverse mortgage is your imagination.

This entry was posted on Wednesday, March 29th, 2006 at 3:02 pm and is filed under Reverse Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.