How do I get the money?
Since you are tapping your own equity in the property, it’s up to you. The only requirement is that any outstanding lien (mortgage or other debt against the home) on the property must be paid in full at the time the reverse mortgage is done. You then can take the remaining reverse mortgage funds as a lump sum, a line of credit that actually grows in value each year, or as a set monthly amount. And the best part of all is, you can take any combination of these choices. You may prefer some money as a lump sum to perhaps pay off bills, some as a line of credit to meet future needs, and some as a monthly amount to supplement your current income. You can even change your mind down the road. It’s your equity, it’s your choice. One of our Certified Mortgage Planning Specialists can assist you in determining the best option for you.