REVERSE MORTGAGE PAYMENT OPTIONS

 Single Lump Sum – You may decide to make home repairs or upgrades, pay for in-home care, buy a car or pay off existing bills. In each of these cases, a single lump sum payment typically works best. 

Line of Credit – If you don’t have an immediate need for cash, but may need to access cash in the future, in the event of an emergency or unexpected bills, a line of credit could be a great option to offer some peace of mind. 

Term Payments – This is a good option for retirees who are looking to supplement their monthly income. Term payments provide equal monthly payments for a fixed period of your choosing. The shorter the term, the larger the monthly payments. 

Modified Term – A modified term is a blend of both term payments and a line of credit that allows you to receive scheduled monthly payments while holding funds in reserve as a line of credit. 

 Tenure - The tenure option means you will receive equal monthly payments for as long as one borrower on the loan lives in the home as their primary residence.

Modified Tenure is similar to a modified term as a blend of tenure and a line of credit. If you choose this option, you can expect smaller scheduled monthly payments along with an available line of credit.