|
 The proceeds you receive from your reverse mortgage may be used for any purpose at all. Here are just a few examples of how the proceeds can be used to improve your quality of life:
• Supplement Your Income
You can take the proceeds from your reverse mortgage as a monthly payment to add to your existing income.
• Pay Off Your Debts
Use the proceeds to pay off any remaining debt you have, such as credit card bills, car loans, etc.
• Make Home Repairs
Make the repairs to maintain your home that you’ve always wanted to make but were afraid to because of the cost.
• Pay for Healthcare, In-Home Healthcare, & Prescription Medicine
With costs for healthcare and prescription drugs increasing, almost any illness can significantly impact any savings or assets that have been put aside for retirement. Use the proceeds from your reverse mortgage to pay for all your healthcare needs.
• Pay Off Your Existing Mortgage and Remain in Your Home
With a reverse mortgage, you pay off your first mortgage which eliminates your monthly mortgage payment altogether, leaving you with more money each month to do whatever you choose.
• Affording some of the things you have always wanted to do
Don’t let lack of funds prevent you from doing the things you desire, such as traveling or hobbies. With the proceeds from a reverse mortgage you can live the life you’ve always wanted to in your retirement.
|
Gateway Funding Diversified Mortgage Services, L.P. NMLS #1071; AL Consumer Credit License (#MC4649); Licensed Mortgage Banker AZ (#BK0910184); Licensed Combination Mortgage Banker-Broker-Servicer AR (#11772); CA Finance Lenders Law License (#603E024); CA Residential Mortgage Lending Act License (#4130675); Licensed Mortgage Broker in CO); CT Mortgage Lending License (#11040); Licensed by the Delaware Office of the State Bank Commissioner (#2299); District of Columbia Mortgage Dual Authority License (#MLB1071); Licensed Correspondent Mortgage Lender FL (#CL0701952); GA Mortgage Lender License (#15499); ID Mortgage Broker/Lender License (#MBL-6051); IL Residential Mortgage License (#MB.0005883); IN First Lien Mortgage Lending License (#11220); IA Mortgage Banker License (#2009-0031); KS Mortgage Company License (#MC.0001491); MD Mortgage Lender License (#5769); MA Mortgage Broker License (#MC1071); MA Mortgage Lender License (#MC1071); ME Supervised Lender License (#SLB6718); MI 1st Mortgage Broker/Lender Registrant (#FR0016592); MI 2nd Mortgage Broker/Lender Registrant (#SR0016593); MN Residential Mortgage Originator License (#MN-MO-40196588); NV Mortgage Broker License (#3247); NH Mortgage Banker License (#10192-MB); NJ Residential Mortgage Lender License (#9601232); NM Mortgage Loan Company License (#02188); NY Mortgage Banker License (#B500791); NC Mortgage Lender License (#L-121400); OH Mortgage Broker Act Mortgage Banker Exemption (#MBMB.850078.000) OH Mortgage Loan Act Certificate of Registration (#SM.501717.000) OK Mortgage Broker License (#MB001315); OR Mortgage Lending License (#ML-3443); PA Mortgage Lender license (#21474); RI Lender License (#20041625LL) RI Loan Broker License (#20041626LB); SC-BFI Mortgage Lender/Servicer License (#MLS -1071); TN Mortgage License (#2782); TX-SML Mortgage Banker Registration; UT-DRE Mortgage Entity License (#5608213); VT Lender License (#5465); VT Mortgage Broker License (#0485 MB); Licensed by the Virginia State Corporation Commission (#MC1772); WA Consumer Loan Company License (#CL-1071); WV Mortgage Broker License (#MB-21755); WV Mortgage Lender License (#ML-21756); WI Mortgage Banker License (#43680BA); WI Mortgage Broker License (#28486BR). This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA, or any other more applicable federal, state, or local law or regulation. Rates, Terms, Fees, Products, Programs, and Equity requirements are subject to change without notice. For qualified borrowers only. © 2011 Gateway Funding Diversified Mortgage Services, L.P.