If you are a senior homeowner in Indiana, you can supplement your income by applying for a reverse mortgage.

One reason a reverse mortgage is such a flexible loan option is because you are unrestricted in your use of the funds. Below are some ideas for how you could use the money you receive through your reverse mortgage disbursements.

Things You Should Know About Reverse Mortgage

1. Pay off high-interest debt. Are you having a hard time keeping up with high-interest debts? If you pay off those debts now, you can stop dealing with the interest. The reverse mortgage itself does not come due until a maturity event (like selling the home or the death of the last borrower). So, if you use it to pay off the high-interest debts, you will find yourself in a better situation financially.
2. Upgrade or repair your home. You can stay in your home for as long as you want with a reverse mortgage. So, using the funds to upgrade your home or make repairs is an excellent option. You could make a practical upgrade like installing solar panels or other features for higher energy efficiency, which could help you save money. But you also could do something like add in a luxury feature such as a swimming pool.
3. Pay off medical bills. All it takes is one large medical bill to throw off your financial situation. With a reverse mortgage, you can pay off medical expenses and get back to living your life.
4. Buy another home or investment property. You can use reverse mortgage funds to make a down payment on a second home or vacation home. You also can purchase an investment property which you could rent out for extra income. Some people also like to use reverse mortgage money to fix and flip.
5. Put off claiming Social Security. The longer you wait to start claiming Social Security payments, the more money you are eligible to receive. If you are having a difficult time keeping up with your expenses without claiming Social Security, the supplement to your income from a reverse mortgage could help you get by as you defer claiming your benefits.
6. Fund in-home care. If you need someone to assist with basic tasks around the house but do not want to move into assisted living, taking out a reverse mortgage can help you to afford in-home care. One thing to keep in mind is that if no borrower for the reverse mortgage will be residing in the home for 12 consecutive months, the reverse mortgage comes due. So, that is something to keep in mind if you think you might be moving into assisted living in the future.
7. Fund a personal project. Another idea for what you can do with reverse mortgage funds that you will not see listed too often is financing a personal project. The reason this use of reverse mortgage money tends to be overlooked is probably because personal projects are so individual in nature. A personal project could take just about any form. Maybe you want to build a boat or create a sculpture. Whatever dream you have, reverse mortgage funds can help you bring it to fruition.
8. Help your family or friends. You do not necessarily need to spend reverse mortgage funds on yourself. You can use them to help out other people you care about. The simplest example would be if you have a grandchild who wants to attend college. Reverse mortgage money can help pay for their education, reducing their reliance on student loans.
9. Reclaim peace of mind. Sometimes senior homeowners take out reverse mortgages simply to have a bit more room in their budgets. You do not have to have a specific purpose in mind for spending the funds. Instead, you can simply save the money—or even invest it—just so you have some extra funds waiting should you need them. The peace of mind that brings through reduced financial stress could be a significant improvement to your quality of life.
10. Take a vacation. One more way that senior homeowners sometimes enjoy using their reverse mortgage funds is to go on a trip. This is your chance to finally cross off some locations from your bucket list and make your travel dreams come true.

Apply Now For a Reverse Mortgage With Grandview Lending

Maybe you are already picturing the ways in which you could make use of a reverse mortgage now that you have had some time to explore some of the possibilities.

To find out now if you qualify for a reverse mortgage, please give us a call at (317) 255-0062. During your consultation, you can receive answers to all of your questions about how you can use a reverse mortgage. We work with senior homeowners in Indianapolis and throughout the state of Indiana.