John and Katherine were interested in getting a reverse mortgage. John was 65, Katherine was 63, and their home was worth $210,000. They had a mortgage on the home totaling $98,000 and were interested in finding out how much money they could receive. They had worked hard to build equity in their home and wanted to have money to travel and see their families. After talking with a reverse mortgage specialist, they found out that there were many different options available to them.
After paying off their mortgage, they had several choices for how to receive their money:
| Lump Sum | $48,559 |
| Line of Credit | $29,278 |
| Monthly Advance | $227 |
After much consideration, John and Katherine chose to take their money in a line of credit so that they could use the funds at their convenience. Not only do they never have to worry about making a monthly mortgage payment for as long as they live in their home, but they have extra money for traveling and any unexpected expenses that may come up in the future.
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