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Reverse Mortgage Payment Options |
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You can access your funds in a few different ways. Here we present them with their pros and cons so you can chose the best one for you:
Line of credit: you access the money at your discretion
Pros:
:: You can access the money when you desire
:: The unused balance grows
Cons:
:: You can spend everything
:: To access your funds, you must submit a written request
Term: monthly payments over a fixed period of time
Pros:
:: You will get the money automatically
:: You will select the amount of the monthly payment
Cons:
:: Fixed monthly amount
:: Inflation is not taking into consideration
Tenure: monthly payments for as long as you live
Pros:
:: You will receive money even if the total amount exceeds the value of your property.
Cons:
:: Fixed monthly amount
:: Inflation is not taking into consideration
Modified Term: access to a line of credit plus monthly payments.
Pros:
:: Mentioned above
Cons:
:: Small monthly payments
Modified Tenure: access to a line of credit plus monthly payments for as long as you live
Pros:
:: Mentioned above
Cons:
:: Small monthly payments |
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