A Reverse Mortgage allows you to choose how you receive your payments on a refinance transaction.
The most popular is to
Establish a line of credit to use when you need it.
Lump sum of funds
Any combination of these options.
Purchase loans using a Reverse Mortgage – Requires a down payment and then monthly payments are not required. This requires that the borrower must pay property taxes, homeowner’s insurance and costs associated with maintenance of the home.