Choosing the right reverse mortgage disbursement option is an important way to ensure you get the most from your reverse mortgage. Weigh the reverse mortgage pros and cons to determine which disbursement option suits you best.
There are several reverse mortgage disbursement options so that you can choose the option that best suits your lifestyle. Once you choose an option, the terms of your loan never have to change. But, if something in your life changes and you decide you do want to change your disbursement option, most of the options (with the exception of the lump sum) can be changed with minimal effort. Take a look at your different disbursement options below.
I Want To... |
Choose This Option... |
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Supplement my income. |
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TenureThe tenure option allows you to receive monthly payments for a fixed period of time. |
Supplement my income to cover a temporary increase in my monthly expenses. |
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TermThe term option allows you to receive monthly payments for a fixed period of time. |
Access a substantial amount of funds for a large one-time expense. |
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Lump SumThe lump sum option can be used to cover medical bills, complete home improvements, or anything else you need. |
Have access to funds that are available whenever you need them. |
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Line of CreditThe flexibility of the line of credit option gives you easy access to funds if you ever experience and unforeseen expense. |
Supplement my income and have access to extra funds in the future. |
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Modified TenureThe modified tenure option allows you to receive extra money for monthly expenses and gives you access to additional funds as you need them. |
Reduce my total monthly obligations |
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Lump SumThe lump sum option is a useful tool that eliminates your monthly mortgage payment and allows you to consolidate other debts. |
Find the Best Disbursement Option For You!
View Reverse Mortgages, Financial Aid and You to discover if a reverse mortgage will affect the government aid that you receive.
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