Username:   Remember Me
Password:  

Uber Articles {Über (ger) adj. above, beyond }

- Above and Beyond a Mere Article Directory

 
 

4 Different Ways To Get Your Reverse Mortgage Equity

By David Prulhiere

Reverse mortgages allow you to access your home equity four different ways. We will examine those ways so you know how to access your reverse mortgage equity.

1. Up Front Draw – Taking all the funds as a lump sum is a very common option. Since the money is yours, you are allowed to spend it on anything you please. Most commonly, the reverse mortgage funds are used to pay off your existing mortgage.

2. Monthly Payments – Payments to you that is. The two options are payments that continue for a specified amount of time or a lifetime payment. Since the lifetime payment continues for both your and your spouse’s lifetime, it is the most common choice.

3. Line of Credit – Why take the money and get charged interest if you don’t need the money? This is a good option for you if you are more comfortable using the line of credit for a reserve account in case of emergencies. Since it is not borrowed, you don’t accrue interest until you actually use the money.

4. A Little of Each – If you don’t want to be tied down to one choice, then you can mix and match the above choices. It will allow you to have a line of credit for use later, a monthly income for life, and a lump sum withdrawal that you can use for anything you want. At any time, for a small fee, you can alter your program to tailor it to your current needs.

In the event you want an option other than a lump sum, know that you must take an adjustable rate mortgage (ARM). When choosing the fixed rate reverse mortgage, there is only one option – you have to take it all when you close your loan.

Before committing to any reverse mortgage programs, get the facts. Visit our website for more reverse mortgage information. There is also a free reverse mortgage calculator to get an idea of how much money is available to you.

Article kindly provided by UberArticles.com

Topics: Loans | Comments Off

Tags: , , , , , , , , ,


Article Citation
MLA Style Citation:
Prulhiere, David "4 Different Ways To Get Your Reverse Mortgage Equity." 4 Different Ways To Get Your Reverse Mortgage Equity. 24 Jul. 2010. uberarticles.com. 8 Aug 2014 <http://uberarticles.com/finance/loans/4-different-ways-to-get-your-reverse-mortgage-equity/>.

APA Style Citation:
Prulhiere, D (2010, July 24). 4 Different Ways To Get Your Reverse Mortgage Equity. Retrieved August 8, 2014, from http://uberarticles.com/finance/loans/4-different-ways-to-get-your-reverse-mortgage-equity/

Chicago Style Citation:
Prulhiere, David "4 Different Ways To Get Your Reverse Mortgage Equity" uberarticles.com. http://uberarticles.com/finance/loans/4-different-ways-to-get-your-reverse-mortgage-equity/


Reprint Rights

Creative Commons License
This article is subject to a revocable license under a Creative Commons Attribution-No Derivative Works 3.0 Unported License, which means you may freely reprint it, in its entirety, provided you include the author's resource box along with LIVE VISIBLE links (without "nofollow" tags). We may revoke the license at any time with or without cause. You must also include the credit to UberArticles.com.

Comments are closed.

Disclaimer
Uber Articles and its partner sites cannot be held responsible for either the content nor the originality of any articles. If you believe the article has been stolen from you without your permission, please contact us and we will remove it immediately. If you have a problem with the accuracy or otherwise of the content of an article, please contact the author, not us! Also, please remember that any opinions and ideas presented in any of the articles are those of the author and cannot be taken to represent the opinions of Uber Articles. All articles are provided for informational purposes only. None of them should be relied upon for medical, psychological, financial, legal, or other professional advice. If you need professional advice, see a professional. We cannot be held responsible for any use or misuse you make of the articles, nor can we be held responsible for any claims for earnings, cures, or other results that the article might make.
  • RSS Feed

    RSS for Loans