How do I receive my money from a Reverse Mortgage?

 

It’s your choice. With most Reverse Mortgages, you can pick the most suitable or useful method from a range of options. You decide which form of payment best meets your immediate or longer term needs. You can:

• Receive the money immediately as a lump sum
• Or… receive equal monthly payments for as long as one of the borrowers occupies the property as their principal residence
• Or… receive equal monthly payments for a fixed period of months
• Or… get a line of credit and take funds at times and in amounts of your choosing, until the line of credit is exhausted. (This is the most popular option, chosen by over 60% of Access Reverse Mortgage borrowers.)
• Or… receive a combination of line of credit and monthly payments for as long as the borrower remains in the home
• Or… receive a combination of the above options

* Note: in Texas, lines of credit are not permitted by state law.

 

 

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