Reverse Mortgages allow you to tap the equity in your home without making a monthly mortgage payment. Depending on your age, home value and equity, you may be able to access that equity in the form of cash. This can be delivered to you in one of four ways:
Lump sum at closing. Cash to you after the loan closes.
Receive funds as a monthly payment to you for either a set period of time or lifetime, depending on your needs.
Maintain funds as a Line of Credit where you can draw money as you need it, when you need it, in an amount you control. The unused Line of Credit will grow every month increasing the amount of money available to you regardless of your current property value. The “Growth feature” creates a wonderful hedge against inflation and property fluctuations.
Any combination of the above.
You can change your options as frequently as you like. This is truly the mortgage of choice and flexibility!