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WHAT YOU CAN DO WITH
THE MONEY
The proceeds from a reverse mortgage can be used for anything:
 daily living
expenses; home repairs and home improvements; medical bills and prescription
drugs; pay-off of existing debts; education; travel; long-term health care;
retirement and estate tax planning; and other needs you may have.
The proceeds from a reverse mortgage are available as a lump sum, fixed monthly
payments for as long as you live in the property, a line of credit; or a
combination of these options.
The amount of benefit that you will qualify for, will depend on your age at the
time you apply for the loan, the type of reverse mortgage you choose, the value
of your home, current interest rates, and for some products, where you live. As
a general rule, the older you are and the greater your equity, the larger the
reverse mortgage benefit will be.
The costs associated with getting a reverse mortgage are similar to those with a
conventional mortgage, such as the origination fee, appraisal and inspection
fees, title policy, mortgage insurance and other normal closing costs. With a
reverse mortgage, all of these costs can be financed as part of the mortgage.
You must first meet with an independent reverse mortgage counselor before
applying for a reverse mortgage. The counselor's job is to educate you about
reverse mortgages, to inform you about other alternative options available to
you given your situation, and to assist you in determining which particular
reverse mortgage product would best fit your needs if you elect to get a reverse
mortgage. This counseling session is at no cost to the borrower and can be done
in person or over the telephone.
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