Your HECM lets you choose among several payment options. Which one is best depends on what you want to do with your home equity. For example, if you plan to move within the next five years and want to use some of your loan proceeds for improvements, a term option may be best. If you think you will live in your home as long as possible, consider a tenure or line of credit option. Below are all your options. To find out what option might be best for you, talk to one of our reverse mortgage advisors.

A Term Option

A term option allows you to receive fixed monthly cash advances for a specific time. These payments allow you to increase your monthly income while protecting your family and other assets from changes in the housing market.

A Tenure Option

A tenure option allows you to receive fixed monthly cash advances for as long as you live in your home. These payments are determined by several factors. Talk to a Reverse Mortgage Advisor to learn more about what you can qualify for, 727-784-5555.

A Line Of Credit

This lets you draw down the loan proceeds at any time, in amounts you choose, until you have used up the line of credit. This option limits the amount of interest imposed on your loan because you owe interest on the credit that you are using.

Other options are available and lenders are always working on new product offerings.

If you would like to speak to a Reverse Mortgage advisor, give us a call (727) 784-5555. Or use our form below to ask a question.