Use a HECM Reverse Mortgage to Supplement Income
The main reason most seniors take out a reverse mortgage is to supplement their income. For many seniors, Social Security is their ONLY source of income. While income for many seniors, as a couple might be sufficient, in a recent study published by Columbia Legal Services in Washington, it has been discovered that over 60% of seniors as individuals are surviving on less than $820 per month. For them, a reverse mortgage is a godsend.

Use a HECM Reverse Mortgage as an Emergency Fund
There are also a large number of people who are “getting by” on a month to month basis. However, they are not able to handle setbacks involved in owning and maintaining a home.

When furnaces break down, the paint starts to peel, water heaters go out, the roof needs repair, the carpet needs replacement, the body can no longer handle the responsibilities of home ownership such as lawn maintenance, housekeeping, etc. and the costs to hire such help cannot be budgeted, as well as property tax bills and homeowner’s insurance premiums, there simply isn’t enough money in the budget. A hand to mouth existence appears to be the norm for numerous seniors, but a HECM Reverse Mortgage can change all of that!

Use a HECM Reverse Mortgage to Pay Off an existing Mortgage
Many people take out a 30 year mortgage after reaching the age of 50. Trying to make a mortgage payment of even $300 to $500 per month on a fixed retirement income is a burden for many seniors.

For many people, a HECM Reverse Mortgage can provide enough funds to pay off an existing mortgage and free up additional cash for the homeowner. Use an example… Dropping the $1,200 monthly mortgage payment has made a tremendous difference in
his quality of life.

Use a HECM Reverse Mortgage to help a Relative
Often times a client wants to help their children or grandchildren. One client wanted to help her son purchase a home in Arizona. By taking out the HECM Reverse Mortgage, she
was able to give her son enough money and with his own monies he was able to pay cash for his own place. A fringe benefit of this is that she gets to see her son enjoy a part of his
inheritance, now.

Many clients choose to use a portion of their funds to help their college-aged grandchild with tuition and books. A HECM Reverse Mortgage has made this wish a reality.

Use a HECM Reverse Mortgage when a Spouse is in a Nursing Home

Use a HECM Reverse Mortgage for In Home Care
In Home care doesn’t necessarily mean nursing care. By using the benefits from a HECM Reverse Mortgage seniors are finding a source of monies to hire the extra help they need for housekeeping (to keep away grunge, dust in high places and their floors). This kind of help can be obtained on a semi-weekly basis for a very nominal cost. Or a gardener for
lawn maintenance, while landscaping can be expensive, most seniors already have their yards completed but can no longer maintain it. A HECM Reverse Mortgage can supply the funds necessary for these needed services.

Use a HECM Reverse Mortgage to buy that Retirement Home

Use a HECM Reverse Mortgage to reposition income producing headaches
As you can see, the power of this financial tool, known as the
HECM Reverse Mortgage, is only limited to the imaginations and
differing situations of the individuals involved.