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Once you decide you want to get a reverse mortgage, the next important decision is the rate option selection. For people with large mortgages to pay off, it’s a fairly easy choice with the fixed rate lump sum option. But if you need little cash initially and want to use the funds gradually over time, the line of credit or monthly payment option may be best and for this you must choose a variable rate option. Then there’s the choice of standard or saver. If you want the maximum dollar amount you must pay the full 2% MIP. If you can … (4 comments)
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