Can I Use a Reverse Mortgage to Travel and Enjoy Life More?

Yes, a reverse mortgage can definitely help you travel or enjoy life by unlocking the equity in your home. It’s a loan that pays you—through a lump sum, monthly payments, or a credit line—without requiring you to sell your house or make monthly repayments. You can use that money  like funding a dream vacation, exploring new places, or just having more cash to enjoy day-to-day life.

Use a Reverse Mortgage to Travel:

Yes, you can use a Reverse Mortgage to cover things like airfare, hotels, or even a long-term adventure like a cruise or cross-country trip. 

Use a Reverse Mortgage to Enjoy Life More

If staying home is more your vibe, it could mean extra funds for things like golf, dining out, or treating yourself to something special. The trade-off is that the loan balance grows over time (since it’s repaid later, usually when the home is sold).

Does it Fit?

It’s an option if you’re 62 or older, own your home, and plan to stay there. Could be an option if you want to tap into the equity of your home without draining your savings.

Reverse mortgages can be a useful financial tool for eligible seniors looking to supplement income, pay for healthcare, or cover living expenses, but they also come with complexities that should be thoroughly understood before proceeding.

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