With a reverse mortgage, you have six payment options to
choose from:

LUMP SUM CASH: Draw the maximum amount of cash.

LINE OF CREDIT OPTION: Draw out cash at the times and in the amounts of your choosing up to the maximum amount. The money not drawn does not accrue interest and increases in value each year.

TERM OPTION: Receive equal monthly payments for a fixed period of time that you select, for example, 5 or 10 years.

TENURE OPTION: Receive equal monthly payments for life or as long as you occupy your home as your primary residence.

MODIFIED TERM OPTION: Set aside a portion of loan proceeds as a line of credit and receive the remainder in the form of equal monthly payments for the fixed period of time that you have selected.

MODIFIED TENURE OPTION: Set aside a portion of loan proceeds as a line of credit and receive the remainder in the form of equal monthly payments.

If your financial needs change, you can change payment plans at any time, as many times as you wish. Regardless of the payment option chosen, the borrower may use the available funds for any reason whatsoever. It should also be noted that each individual case is different. A great feature of the reverse mortgage is that the borrower may combine any or all of these options in order to customize a payment plan that will meet the borrower's unique financial situation.