Most of us look forward to living at home as we age. Enhancements allow us to do so with greater ease. Many of these options can help with the resale value when the time comes to do so.

A reverse mortgage can be applied to:

• Remodeling and making upgrades so you can live more comfortably.

• Modifying your home to accommodate for needs that vary with age or life circumstances.

• Adding or carving out a living area for a relative or caregiver

Your reverse mortgage can make the funds available to fill any gaps between your available resources and expenses, whether these expenses are anticipated or unexpected.

Even those who have well established retirement plans may benefit from considering this viable tool. Many retirement portfolios are still recovering from erosion due to relatively recent economic events. Often, a significant portion of our wealth is stored as our home equity. Using a reverse mortgage can provide an alternative source of retirement funds while our other plans have a chance to stabilize.

A reverse mortgage could provide cash to delay the age at which you begin taking your social security benefits. Waiting until later can lead to larger, monthly social security payments when you do take them.

If you experience a work interruption due to a change in circumstances, such as a job layoff, or if you need to take time off from work to attend to your health; your reverse mortgage could help buffer you financially during these times.

As the life expectancy increases, many studies show that most folks will need some sort of assistance at home by the age of 65. This can range from needing help with household tasks to attending to health needs. A reverse mortgage can assist in covering the costs of medical treatment, in home care, rehabilitation services, et cetera. You can also use the funds to pay for other services, such as housekeeping, transportation, pet or yard care.

You can also use a reverse mortgage to purchase supplemental health insurance and long term care policies to plan for future health care needs.