Pay the bills.

Everyone could use a little more money every month. With no monthly mortgage payments required, a reverse mortgage allows you to redirect the money you would use to pay the mortgage toward other things—everyday expenses, bills, credit card balances, or other debts.

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Help pay for healthcare.

Today, many older adults want to “age in place,” so they can remain in their homes and not  have to go to a senior community, an assisted living facility, or smaller house. The funds you receive from a reverse mortgage can help make it possible.

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Plan for the future.

You can establish a line of credit to make sure that you’re better-prepared for unexpected expenses, or to help pay for long-term care. This financial “safety net” can help give you peace of mind today, and financial protection for the future.

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Make updates to your home to fit your needs.

Making much-needed repairs, or modifications to fit your needs as you age, can help you live more comfortably and remain in your home for a longer period of time. A reverse mortgage can help make it easier to afford these updates to improve your quality of life.

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Lower your taxable income.

You can avoid making taxable withdrawals from 401(k) or other retirement plans by replacing the money with tax-free reverse mortgage income.*

*Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.

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Help the ones you love.

You can use the equity in your home to help others. For example, you could use the proceeds from a reverse mortgage to help a child or grandchild with major expenses, such as college tuition or a down payment on their own home.