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Reverse Mortgages ~ Payment Options - Part 2
Last time, we learned about who can qualify for a reverse mortgage (see Reverse Mortgages - Part 1). This time we are going to discuss payment options and how much money someone can get with a reverse mortgage.
~ You will never have to make another mortgage payment ~ Payment Options When you finance your home with a reverse mortgage, as a borrower you will never have to make a mortgage payment while you live in your home. You will of course be required to pay your taxes and home owner's insurance.
There are several ways to receive the equity in your home through a reverse mortgage. You can ...
Receive a lump sum after your new reverse mortgage has funded, Receive a monthly payment from the mortgage company, or Create a mix of the two above options, such as; receive a $5,000 lump sum after the loan funds, and use the rest of your equity to receive monthly payments from the mortgage company. In the event were there isn't enough equity in a home to receive monthly payments or a lump sum, it is possible to finance (or refinance) the home simply so that a monthly payment will not have ... more
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