How do you receive payment?
If you are a homeowner age 62 or older and have paid off your mortgage or have only a small mortgage balance remaining, and are currently living in the home, you are eligible to participate in reverse mortgage program. The program allows you to borrow against the equity in your home. You can select from five payment plans:
Tenure– equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence. Term– equal monthly payments for a fixed period of months selected. Line of Credit– unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted. Modified Tenure– combination of line of credit plus scheduled monthly payments for as long as you remain in the home. Modified Term– combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.