More reverse mortgage questions

What can I do with the money?

There are NO restrictions on how funds are used.  Common uses for reverse mortgage funds include:

·         Supplementing retirement income

·         Buying a new car

·         Making home repairs

·         Planning your estate

·         Traveling

·         Paying for your grandchildren’s education

·         Covering Medical expenses

           

How do I get my money?

You have options in how you take the money.  You can choose a lump sum, a monthly payment amount, a line of credit or a combination of these.

 

Will my reverse mortgage affect my Social Security?

No.  Reverse mortgages will not affect Social Security or Medicare.  These programs are not based on assets of the recipient, and so are not affected by the addition of a reverse mortgage.  Other benefits such as SSI could be affected depending on the particulars of the program. 

Consult a benefits specialist for program particulars.