While some of us have been preparing for our big retirement plans for years, some of us are still a little behind on where we would like to be. This doesn’t mean we should give up our dreams of living the way we want to after retirement. Getting a reverse mortgage on your home can give you the finances to have the things you’ve been waiting for.

Here are the top 5 reasons we found to consider a Reverse Mortgage

1. Traveling
It’s no secret that traveling the world can come at a hefty price. Without proper preparation for retirement, ideas of seeing the Eiffel Tower up close or visiting the Queen of England seem a little out of reach. Getting a Reverse Mortgage on your home could help you pay for those extra travel expenses and allow you to satisfy your adventurous side.

2. Second Home
If having a vacation home to escape to has ever been in your sights, follow the trend of many others by taking out a reverse mortgage on your current home to finance the second one of your dreams.

3. Starting a Business
Staying active and involved in the community is an important part of retirement. If you are finding you have too much spare time on your hands, consider starting your own business and a reverse mortgage can be a great way to obtain the financial stability required to get up and running. Plus, once successful, your business will just be another form of additional income to add to your retirement fund.

4. Luxury Cars or Boats
Some of us are more interested in enjoying high quality and high price tag items we weren’t able to afford in the past. Ride in style, enjoy afternoon fishing, or take a trip on the lake with friends, in a new car or boat.

5. Retire Early
Focused on getting done with work, and just enjoying life with the people around you? Opting for a reverse mortgage to eliminate your monthly payment and get a jump-start on savings can allow you to retire early and live the rest of your life out work free.

While we’ve talked about the basics of a reverse mortgage, it’s always smart to look at the facts and figures.

Reverse Mortgage Information sourced some interesting facts for us:

1) “According to National Council on Aging (NCOA) more than 13 million seniors could have extra funds if their money was not tied up in their home equity.”

Our response: A reverse mortgage allows seniors to access the equity in their home and convert it into cash. Reverse Mortgages help supplement retirement income, pay for medical bills, or more.

2) “In 2010, the Department of Housing and Urban Development enacted a new reverse mortgage information program that made millions more senior homeowners eligible for a reverse mortgage.”

Our response: This program made it possible for seniors to live a happier life after retirement. Just last year in 2014, a total of 49,194 seniors received a reverse mortgage.

Other fast facts:

In 2014, California issued the most reverse mortgages, totaling 7,912. Coming in second and third for providing the most reverse mortgages were Texas (3,733) and Florida (3,728).