How Can I Use the Proceeds?
Use of Proceeds
Pay your monthly bills
The cost of living continues to go up, while your income may remain fixed. A reverse mortgage can help you afford monthly expenses, as well as provide the opportunity to lower or pay off credit card debt or other bills.Improve your home
Your home may be your most important asset, not to mention the place where you probably spend the largest portion of your time. A reverse mortgage can give you the means to make it a more pleasant and safe environment.Pay for prescriptions and health care
There's nothing more important than your health. But even with new government programs, prescription medicines, home health care, mobility devices, and other out-of-pocket medical costs can take a sizable bite out of your wallet. A reverse mortgage can help you afford the care or assistive technology you may need.Mobility Devices by AmeriGlide:
- Stair Lifts
- Dumbwaiters
- Lift Chairs
- Mobility Scooters
- Vertical Platform Lifts
- Walk In Tubs
- Wheelchair Lifts
- Wheelchair Stair Climbers
Plan for the unexpected
Life is unpredictable. Cars break down, homes need attention, and children or grandchildren may need extra help. With a reverse mortgage, you can have the cash on hand to deal with these and other unexpected expenses.
Retire your existing mortgage
If you're still paying on a conventional mortgage, you may have less disposable income than you want or need at the end of each month. Because your reverse mortgage pays off your existing mortgage, you can free up that money for other things.
Make a major purchase or needed expenditure
Maybe your current vehicle is on its last legs and isn't safe to drive. Or maybe you want to hit the road in your own recreational vehicle. A reverse mortgage can make such purchases possible.
Travel
Explore new places, return to familiar ones, or visit family and friends you haven't seen in awhile. It's up to you.
Help your children or grandchildren
Whether you want to help with a car purchase, contribute to college tuition, or make a down payment on a first home, your reverse mortgage can help you provide financially for your family.
Reverse mortgage proceeds may not be used to purchase a second home or investment property. MetLife Bank does not encourage or recommend the use of reverse mortgage proceeds to fund annuity or investment products. Fill out our contact form now to learn more about the MetLife Bank Reverse Mortgage process.
