When is a Reverse Mortgage a good idea?
 
To pay for home health care – A Reverse Mortgage is often used to pay for in-home health care.  Payments can be adjusted to meet the bills of the health care provider and can be set up to keep a senior at home even when around the clock care is needed.  However, whenever you are taking more than the maximum lifetime monthly income, the loan becomes a term loan.
 
To fix up the house or modify it to meet changing needs – A Reverse Mortgage can be a source of money for home improvement or repairs, including wheelchair ramps or other modifications needed to accommodate the senior homeowner’s changing needs.
 
To maintain or improve your lifestyle – Reverse Mortgages are designed to help seniors enjoy their retirement years.  Sometimes, when there is a decrease in income for some reason, it becomes difficult to enjoy life.  A Reverse Mortgage supplies a new source of income to help maintain a comfortable lifestyle.