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11 Questions you could be asking about Reverse Mortgages
Questions you should be asking about your Reverse Mortgage
 
Reverse Mortgage is a way homeowners over the age of 62 are using the equity in their home to add to their retirement funds. The benefits of using a reverse mortgage include extending retirement fund longevity, eliminating a mortgage payment, or even making needed accessibility changes to the home. But those are only a few ways that reverse mortgage funds can be used, and we see every day how this financial tool is being used to benefit seniors. We have found there are also many questions that are being asked, and should be asked. Here are the top ones:
 
How do I receive my reverse mortgage funds?
 
You have options that include monthly payments, monthly payments for a period of time, line of credit, lump sum and a combination. Funds are paid out upon the first of the month after the loan has been funded. The funding of the loan can be the same month of closing or the following month. If you choose a line of credit option, funds are available to you from that within 5 days.
 
Am I able to change my reverse mortgage funding option?
 
Yes, you have options in how you receive ... more

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