PAYMENT OPTIONS

​

The total amount a borrower qualifies for is determined by the following factors:

​

1. Age of the youngest borrower (or non-borrowing spouse)

2. Current expected interest rate

3. The appraised value or sales price (current HECM limit is $1,089,300)

​​

If you are eligible to receive funds as part of your reverse mortgage, you can select one of the following payment plans:

​

• Tenure - equal monthly payments 

• Term - equal monthly payments for a fixed period of months

• Line of Credit - unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted

• Modified Tenure - combination of line of credit and scheduled monthly payments

• Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower

• Lump Sum - Draw all the available funds at closing. (The only option available on fixed rate loans.)