Your HECM Reverse Mortgage Payment Options – Hecm Reverse Mortgage Payment Options



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Your HECM Reverse Mortgage Payment Options – Hecm Reverse Mortgage Payment Options
How to Receive Your Money
Reverse mortgages can be obtained in the following ways:
1. a single lump sum
2. regular monthly payments
3. a line of credit
4. any combination of the above
The primary purpose of reverse mortgages is to relieve the aging seniors of financial burdens on them. Reverse mortgages are a financial tool that allows homeowners from age 62 and above to gain access to the money that has accumulated as home equity.
How reverse mortgages work is that the lender makes payments to the borrower in contrary to the traditional mortgages. The amount paid out is calculated based on the estimated value or equity remaining in the home (the remaining value of the home after deducting chargeable expenses still owed).

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