Reverse Mortgage Options
Reverse mortgage payments can be received several ways.
1. Lump Sum
All of the money is given to you at closing. Most people who request a lump sum are paying off a mortgage or have serious plans for the money.
2. Line of Credit
You may decide not to use all of your money right away. The proceeds not used will be placed in a line of credit and will be available for future use. Best of all the money in the line does not accumulate interest until you decide to use it.
3. Monthly Payments
Those who elect this plan are usually in need of an increased monthly income. The payments can be a specific term chosen by you or tenure payments specified by the lender each month.
OR, you may have the choice of combining any of the 3 options listed above.Discuss these options with your Reverse Mortgage Specialist to see which one works best for you.
How much do I qualify for?
Contact Reverse Tennessee, your local Reverse Mortgage Specialist for a custom analysis at 615-200-8677 or christine@reversetennessee.com
OR, fill out the short form below to be contacted.