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Frequently Asked Questions
Q: How can I receive payments?
A. Reverse mortgage payments are tax-free and can be received in a variety of ways, enabling a reverse mortgage payout plan to be tailored to fit your needs: *
- As an immediate cash advance at closing, that is, a lump sum of cash paid to you on the first day of the loan.
- As a credit line account that lets you take cash advances whenever you choose during the life of the loan - until you use it all up.
- As a monthly cash advance:
- for a specific number of years that you select,
- OR for as long as you live in your home,
- OR as any combination of immediate cash advance, credit line account, and monthly cash advance.
Use our Calculator to estimate how much cash you could receive from a reverse mortgage.
* To receive payments the homeowner must continue to occupy the home as his/her primary residence, keep it in good repair, with all taxes and insurance premiums kept up to date, subject to the terms of the mortgage.
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