THE WAY IS NOT THE PATH....REVERSE YOUR THINKING!

The amount of money you can get from your home varies for every borrower and depends on the following factors:

● Age of the youngest borrower or eligible non-borrowing spouse.

● The current interest rate plus the margin set by the lender.

● Lesser of appraised value or the FHA lending limit of $1,149,825.

● Your current mortgage balance and/or any outstanding liens.

There are several ways you can choose to receive payments from a reverse mortgage. Here are the different options:

For adjustable interest rate mortgages, you can select one of the following payment plans:

● Tenure:equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.

● Term:equal monthly payments for a fixed period of months selected.

● 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 for as long as you remain in the home.

● Modified Term: combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

For fixed interest rate mortgages, you will receive the Single Disbursement Lump Sum payment plan:

● Single Disbursement Lump Sum: a single lump sum disbursement at mortgage closing