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Benefits of Reverse Mortgage |
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These loans can be paid to you all at once in a single lump sum of cash, as a regular monthly loan advance or as a creditline that lets you decide how much cash to use and when to use it. Or you may choose any combination of these payment plans.
The amount of cash you can get from a reverse mortgage depends on your age, your home's value, and the prevailing interest rate for the program chosen. The greatest cash amounts typically go to the oldest borrowers.
The amount of cash you can get also depends on the specific reverse mortgage plan or program you select. The differences in available loan proceeds can vary greatly from one plan to another.
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