Here are some of the reasons a senior may need a reverse mortgage. It is not a complete list but you can review and see if you fall under this category. If you do then you may want to give me a call and see if it a wise decision. Reverse mortgages are not for everyone so make sure you get with a reverse mortgage expert.

* You can use the proceeds from a reverse home loan to pay for high medical bills. Health care costs are enormous in the U.S.A. and medicaid/medicare don’t cover enough

* Your employer let you go before you could qualify for the pension plan. Retirement savings isn’t enough to support you and a part time job may be on the horizon

* You don’t have enough cash flow to do anything fun or something you have wanted to do for a long time.

*You want to afford doing things you haven’t been able to do before because you were too busy performing your obligations.

*Your home needs repairs but you don’t have the money to do them. If you have lived in your house for many years and want to stay there it may need updating, which can cost a lot of money

* Your social security and Medicare payments are not enough.

* You want to buy long-term care insurance.

* Your children need money and you want to help them. Perhaps your grandchildren need help with college expenses and you can fund their education

* You have no heirs or your children are doing well financially and you want to use all the money you have saved

* You want to purchase a vacation home in an area you like or just want to get a small house near your family.

* You retired early and don’t qualify yet for social security payments.

* Your house is in foreclosure and you don’t have enough money to pay what you owe on it. Perhaps the monthly mortgage payment is too much on the budget. How about no mortgage payment?