Cliff AuerswaldPresident, All Reverse Mortgage, Inc. · President at All Reverse Mortgage, Inc. (ARLO™) NMLS#14041 Company NMLS #13999

How Can You Use Reverse Mortgage Funds?

4 Feb 2024 · 0 min

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0:26

In this segment, the speaker explains that reverse mortgage proceeds are the borrower’s own money, which can be used for any purpose without tax consequences. The funds are typically accessed through a line of credit, allowing borrowers to request amounts as needed. Requested funds are deposited into the borrower’s primary checking account within 24 to 48 hours, after which the money is fully under the borrower’s control.

You can use your funds from a reverse mortgage for anything you'd like. The funds that you receive, it's your money. The way that you can receive the funds from the loan are through a line of credit. You can, you know, just request funds as you'd like. We deposit those funds into your primary checking account within 24 to 48 hours, but after that, that's your money. So it's your money, it's tax-free, you can do anything you want with it.