line of credit: Using a Line of Credit to Build Wealth with a Reverse Mortgage - 07/19/13 01:32 AM

When most seniors consider “aging in place” with a reverse mortgage, they assume that taking a lump sum payment at closing is their only option.  One of the biggest fears that they express is the management of these funds.  Reverse mortgages, also known as Home Equity Conversion Mortgages, are structured to allow the borrower to receive funds in a variety of ways.  HECMs contain either a fixed or variable rate feature as is the case with standard forward mortgages.  All of the options such as term or tenure payment are only available when the program selected contains a variable … (0 comments)