Reverse Mortgage Payment Options

Over the series of posts regarding reverse mortages, we've been discussing some of the benefits of this special program designed especially for seniors. This loan accesses the equity in your homes to help fund a variety of expenses that your income sources might not be able to cover.

One question regarding reverse mortgages that we are often asked is, "How do I access the funds?" Following are brief descriptions of the options from which you can choose. For more information, discuss them with a reverse mortgage specialist.

• A single lump sum.
• A regular monthly payment.
• Set up a credit line. This allows for a customized plan which can change as your needs change. You can choose when and how much money you receive each month.
• A combination of the payment methods listed above.

Whatever your needs now, or down the road, it's obvious that the reverse mortgage program is flexible and will serve a variety of lifestyle scenarios.