4 Different Ways To Get Your Reverse Mortgage Equity | Uber Articles
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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.

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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/

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