• Question
  • can I use this to finance a car pmt. for now,then pay it back on my house in pmt"s .

    Asked by a 66 year old man from Pocahontas, AR on 10/29/2014

    can I use this to finance a car pmt. for now,then pay it back on my house in pmt"s .

  •  
  • Categories: Loan Amount and Type, Reverse Mortgages

Answers

Toll Free 866-477-0404
  • Get a FREE 1-on-1 phone
    consultation with this advisor
  • You can use the proceeds from a Reverse Mortgage anyway you'd like ... after all, it's your money. With your scenario, based upon the limited information I have, I'd probably recommend getting the Credit Line distribution method, because you'd be able to borrow against it, repay it back at any time, and borrow against it again.

  • Login to rate this answer:   Answered on 11/2/2014
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.