Ways to Use HECM

The New Reverse Mortgage is a versatile retirement funding tool that can be utilized in many ways. Here are just some of them:

– Pay off your forward mortgage to reduce your monthly expenses.

– Re-model your home to accommodate aging limitations.

– Maintain a line of credit (that grows) for health emergencies and surprises.

– Cover monthly expenses and hold on to other assets while their value continues to grow.

– Cover monthly expenses and avoid selling assets at depressed values.

– Pay for health insurance during early retirement years until Medicare eligible at 65.

– Pay your Medicare Part B and Part D costs.

– Combine life tenure payments with Social Security and income generated by assets to replace your salary and maintain your monthly routine of paying bills from new income.

– Pay for your children’s or grandchildren’s college or professional education.

– Maintain a “standby” cash reserve to get you through the ups and downs of investment markets and give you more flexibility

– Combine proceeds with sale of one home to buy a new home without a forward mortgage and monthly mortgage payments.

– Pay for long-term care needs

– Fill the gap in a retirement plan caused by lower than expected returns on your assets.

– Pay for short term in-home care or physical therapy following an accident or medical episode.

– Pay for a retirement plan, estate plan or a will.

– Convert a room or basement to a living facility for an aging parent, relative or caregiver.

– Set up transportation arrangements for when you are no longer comfortable driving.

– Create a set aside to pay real estate taxes and property insurance.

– Delay collecting Social Security benefit until it maxes out at age 70 1/2.

– Eliminate credit card debt and avoid building new credit debt.

– Cover monthly expenses in between jobs or during career transition without utilizing other saved assets.

– Cover expenses and avoid capital gains tax consequences of selling off other assets.

– Purchase health-related technology that enables you to live in home alone.

– Pay for an Uber or Lyft account so you have mobility and access to appointments and social activities.

– Help your adult children through family emergencies.

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