A reverse mortgage offers three ways to get paid: a flexible line of credit you tap when you need it, monthly payments for life, or monthly payments for a set number of years. The amount available depends on your age and current interest rates, and you can mix and match options.
There's 3 different payment options. The most popular people are taking out as a line of credit, and the line of credit, it's flexible. You know, if you don't need any money this month, take as you need as you go. And then you've got monthly payment options. There is a payment plan which is for life. This is appealing for to somebody who just wants to know that no matter how long I live, I'm going to receive a monthly payment. And you could be beyond 100 years old, as long as you're still living in that home, maintaining your taxes and your insurance, you're still going to receive that monthly payment. That is called 10-year. And then the third payment option is a term over any amount of time you wish. If you have a specific plan where you know you need monthly payments for 5 years or 10 years, it all depends on your age and again what, what current interest rates are doing. But when you get your quote, you will have an option of taking all of these three different payment options, and you can actually do a combination as well.
