October 12, 2021
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two older adults sitting on a house that is going underwater what is a reverse mortgage
Kiersten Essenpreis for Money

Reverse mortgages allow you to cash out your home’s equity.

With this kind of mortgage, you will receive payments from the lender and not the other way around. This can happen only while you’re living in your home and if it’s your principal residence.

Here are three ways to make the most of your reverse mortgage:

1. Pay off debt

With an additional monthly income, you can take care of any outstanding debts that may be accumulating interest.

Personal loan and credit card balances can be taken care of to relieve some pressure from your financial obligations.

Furthermore, you can settle up any unpaid medical bills to avoid any direct impact on your credit.

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Protect your retirement with a Reverse Mortgage.
With an additional income, you can cover health care expenses or even invest in things that will improve your quality of life. Find out more about Reverse Mortgages by clicking on your state.
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2. Remodel your home

As you’re nearing retirement, you may want to make some adjustments to your home to better fit your new lifestyle.

So, whether you want to renovate some areas of your home or simply make some slight improvements, a reverse mortgage can afford you the opportunity to make it happen now.

3. Make your dream vacation a reality

If there ever was a perfect time to invest in your quality of life, retirement must certainly be it.

With that in mind, a dream vacation is a proper way to reward yourself and celebrate this new chapter in your life.

After a lifelong career, you deserve it. And what’s best, a reverse mortgage can make it happen.

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Is a Reverse Mortgage right for you?
With Finance of America, you can get the most out of your Reverse Mortgage loan. Click below and start planning your future today.
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