Sandy owned her home free and clear, but lost most of her income when her husband passed away. She was 85 and struggling to pay her bills with her social security income alone when she heard about the FHA reverse mortgage program. Her home was worth $150,000 and there were no liens against it.
After using the reverse mortgage calculator, she found that she could receive her money in several different ways:
| Lump Sum | $112,992 |
| Line of Credit | $103,129 |
| Monthly Advance | $979 |
After considering her options, Sandy decided to go with the monthly advance of $979 for the remainder of her residency in her home. This would allow her to not only pay her bills comfortably, but also have some extra money each month to spend however she wanted.
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