Typical Uses
Some typical (and not-so-typical) uses for reverse mortgages are:
-
Property Maintenance (e.g. roof replacement, house painting)
-
Property Improvement (e.g. new kitchen / bathroom, easy access shower)
-
Improved Home Comfort (e.g. heat pump, insulation)
-
Property Purchase
-
Repay an existing mortgage (no more loan instalments)
-
Supplementing retirement income (extra income to make things easier)
-
Upgrade to a newer or more suitable / reliable vehicle
-
Overseas or Domestic Holiday
-
Purchase of a Motorhome or Caravan
-
Improved eyesight (cataract removal)
-
Private Heathcare (hip / knee replacement)
-
Home-based Carers (private arrangement)
-
Assist with the cost of Health Insurance premiums
-
Gift / helping hand to family members (inheritance in advance)
-
Completion of vintage car restoration project
These are just some of the more common reasons people access a reverse mortgage. However, you can generally use the cash for whatever you want
Need more details? Contact us
We are here to assist. Contact us by phone or email.