
PAYMENT OPTIONS
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The total amount a borrower qualifies for is determined by the following factors:
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Age of the youngest borrower (or non-borrowing spouse)
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Current expected interest rate
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The appraised value or sales price (current HECM limit is $1,089,300)
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If you are eligible to receive funds as part of your reverse mortgage, you can select one of the following payment plans:
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Tenure - equal monthly payments
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Term - equal monthly payments for a fixed period of months
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Line of Credit - unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted
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Modified Tenure - combination of line of credit and scheduled monthly payments
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Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower
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Lump Sum - Draw all the available funds at closing. (The only option available on fixed rate loans.)