Getting Money From A Reverse Mortgage

A reverse mortgage allows homeowners over the age of 62 to cash in on the equity of their home.The homeowner can use these funds in anyway they want.Some have used the money for extended term care or home improvements.Homeowners usually run into very little difficulty in securing these funds.The funds are practically free because with the exception of the fees, more than likely, the mortgages will not be paid back over the course of the homeowners life.

There are several payment options to choose when receiving funds from a reverse mortgage. In most cases you can choose one or more of them based on your needs.

* Getting your money in a lump sum: Most often the money from a reverse mortgage is paid in a lump sum. You will receive one payment which equals the value of your home.

* Getting a specific amount paid over the course of a number of years: With this option the homeowner will receive payments over a specific course of time, 10 years for example. This could be a great help in managing funds over a period of time.

* Getting a specific amount paid to the homeowner every month until they die or permanently move out of their home: Receiving monthly payments gives the homeowner a sense of security in knowing that their money will not run out before they die.

* Getting a line of credit. Funds can be provided as a line of credit and be paid back to the lender. A specific amount could be taken out to make repairs or to pay a bill as the funds are needed.

Getting the right type of terms for your needs is totally up to you.Give thought to what your needs are, how much funding is required and how soon you will need the funds. Some homeowners have gotten a lump sum and transferred it into a savings account until needed. The funds are yours and you can do whatever you want to with it with no restrictions.

Tom Atkins is a staff writer at http://www.finance-journal.com and is an occasional contributor to several other websites, including http://www.debt-journal.com.

Diabetes Symptom Dogs63509
Hot Tub Girls42662
How To Make Money Landscaping14705
Office Furniture Seating89668
Car Cheapest Company Insurance36196
American Diabetes24375
Los Angeles Zoom Teeth Whitening5025
Modular Office Furniture34681
Dangers In Whitening Teeth64137
For Teeth Whitening34594
Saunas And Hot Tub78693
Wedding Hallsvhlcazqc
Philly Hot Tub Deals57939
Diabetes Option Treatment83452
Child Adoption Services65856
Colorado Adoption Exchange56913
Cheap International Student Airfare87
Diabetes Free Information46961
Airfare Canada Cheap36616
Car Home Insurance Quotetztdzaztpu
Diabetes 234931
Loon Architect5825
Buy Car Insurance25718
Blank Wedding Invitation68581
Georgia Car Insurance96038
Chief Architect 80 Torrent24565
Define Type 2 Diabetes20172
Bristol West Car Insurance90639
Last Minute Cheap Airfare92166
Car Insurance Companies Uk69680