Can I Get a Reverse Mortgage to Help My Financial Troubles?

Truth: A reverse mortgage can actually be a smart and effective tool to relieve financial stress — especially for seniors on a fixed income facing rising costs, debt, or unexpected expenses.

A reverse mortgage isn’t just for people who are already financially comfortable. In fact, many homeowners turn to a reverse mortgage specifically to help ease financial strain in retirement. Whether you’re dealing with high medical bills, rising living expenses, or just feel like your savings are running thin, a reverse mortgage can provide the relief and breathing room you need — without having to sell your home or downsize.

Here’s how a reverse mortgage can help with financial difficulties:

• • Eliminate your existing mortgage payment to free up monthly cash

• • Access tax-free funds to cover essential costs like groceries, utilities, or insurance

• • Pay down credit card debt or high-interest loans without touching your retirement account
  • Afford in-home care or home modifications that make aging in place safer and more comfortable
  • Set up a line of credit for emergencies or unexpected expenses
  • Avoid dipping into investments or depleting savings too quickly

Yes — you can use a reverse mortgage to help with financial troubles. In fact, that’s exactly what it’s designed to do: help homeowners turn the equity they’ve built into a source of financial peace of mind. You’re not alone — and this option exists to help people just like you.

Learn more about eligibility requirements for a reverse mortgage, situations where a reverse mortgage is best used, and common myths around reverse mortgage that we debunk with facts