Loan Options
With this option, the borrower receives the entire loan amount in one lump sum. This can be a good choice for borrowers who need a large amount of money upfront, such as to pay off an existing mortgage or to cover a major expense
like medical bills or home repairs.
A line of credit allows borrowers to access their reverse mortgage funds as needed. The borrower can draw on the line of credit at any time, up to the maximum amount specified in the loan agreement. This can be a good choice for
borrowers who want to have access to funds in case of emergency, or who want to use the funds to supplement their income over time.
Some borrowers choose to receive their reverse mortgage funds in the form of monthly payments, similar to an annuity. Term payments are a fixed monthly amount over a certain period of time that you define. The term payment amount
will not change even if the home decreases in value.
Some borrowers choose to receive their reverse mortgage funds in the form of monthly payments, similar to an annuity. Tenure payments are a fixed monthly amount that continue as long as the borrower is living in the home as their
primary residence. Payments only stop when the last remaining borrower passes away or permanently leaves the home.