***This list is a reprint from the National Reverse Mortgage Lenders Associations Compilation**
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Pay off your forward mortgage to reduce your monthly expenses.
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Re-model your home to accommodate aging limitations.
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Maintain a line of credit (that grows) for health emergencies and surprises.
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Cover monthly expenses and hold on to other assets while their value continues to grow.
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Cover monthly expenses and avoid selling assets at depressed values.
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Pay for health insurance during early retirement years until Medicare eligible at 65.
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Pay your Medicare Part B and Part D costs.
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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.
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Pay for your children’s or grandchildren’s college or professional education.
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Maintain a “standby” cash reserve to get you through the ups and downs of investment markets and give you more flexibility
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Combine proceeds with sale of one home to buy a new home without a forward mortgage and monthly mortgage payments.
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Pay for long-term care needs
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Fill the gap in a retirement plan caused by lower than expected returns on your assets.
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Pay for short term in-home care or physical therapy following an accident or medical episode.
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Pay for a retirement plan, estate plan or a will.
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Convert a room or basement to a living facility for an aging parent, relative or caregiver.
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Set up transportation arrangements for when you are no longer comfortable driving.
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Create a set aside to pay real estate taxes and property insurance.
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Delay collecting Social Security benefit until it maxes out at age 70.
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Eliminate credit card debt and avoid building new credit debt.
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Cover monthly expenses in between jobs or during career transition without utilizing other saved assets.
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Cover expenses and avoid capital gains tax consequences of selling off other assets.
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Purchase health-related technology that enables you to live in home alone.
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Pay for an Uber or Lyft account so you have mobility and access to appointments and social activities.
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Help your adult children through family emergencies.
Categories: Advisors, Common Usages, Financial, General/Misc, Topics
Tags: Baby Boomers, Financial Planning, Reverse Mortgages