All Reverse Mortgage Award Winning HUD Approved Lenders. Once youve learned that you qualify for a reverse mortgage and have started working with a lender, youll be faced with an important decision which payment option youd like. Hpc Code Source Cracker. This choice can depend highly on how you are planning on using the funds from your reverse mortgage, or the strategy youre trying to use over time by using your home equity. Choose the right payment option for you and you can maximize the benefits of the loan for your situation. Line of Credit. The most popular payment option for reverse mortgages is a line of credit. In many cases, borrowers establish a standby line of credit that they can access only when funds are needed. Another aspect that some borrowers see as a perk is that the line of credit option has a growth feature, which means that the unused balance grows over time, working to maximize your borrowing potential. A line of credit can be extremely helpful for borrowers who dont necessarily need the funds right away but have it as kind of a back up to use if unexpected expenses arise in retirement. Learn more about the line of credit payment plan Term and Tenure Payments. A term payment gives borrowers fixed payments for a specified amount of time. One way to maximize the benefits of a reverse mortgage by using term payments is to establish the payments as a way to delay Social Security benefits. Because Social Security benefits increase the longer you wait to begin receiving them, this is a strategy some borrowers use to maximize their loan. Say youre 6. 5 and want to defer collecting Social Security until you turn 7. You can establish term payments for five years during that period of time. The amount you will receive each month in payments is fixed regardless of whether your home value decreases or increases over the next five years. A tenure payment oftentimes gets confused with a term payment. The similarity is that both allow for fixed monthly payments, but with a tenure plan, it allows for monthly payments as long as you live in the home as a primary residence. With a tenure payment plan it doesnt matter if the loan balance exceeds the value of your home, you will still receive the same monthly payment. The only way the payments will stop is if you pass away or leave your home permanently. With both term and tenure payment options, you also have the choice to do a modified termline of credit plan or a modified tenureline of credit plan. In both cases, the plans allow you to establish a line of credit and receive fixed monthly payments for either a specified amount of time or as long as you live in the home. Lump Sum. A lump sum may be beneficial for you if you have a large payment to make, such as home renovations or medical payments. A lump sum allows the borrower to take the loan proceeds all at once. Twitter aamerrahman Bookings bec. Willy Wonka Theres no earthly way of knowingWhich direction they are going. Theres no knowing where theyre rowing. With a lump sum, you do have the option regarding how much of your home equity you want to tap into. For example, a borrower can take out less funds than he or she is qualified to borrow. Say you need some renovations done on your home and you know it will cost around 3. You may choose to take the lesser amount in this case. Do keep in mind youll need to refinance if you choose down the road to take out more of your home equity. For Home Purchase. A separate option you have in a reverse mortgage transaction is to use the funds to purchase a new home altogether. An advantage that homeowners achieve through a reverse mortgage for purchase is the elimination of monthly mortgage payments. The transaction is completed using funds from the sale of your old home, private savings, gift money and other sources of income, which are then combined with the reverse mortgage proceeds. For borrowers who are looking to maximize their buying potential for a new home, or who want to relocate in retirement, this option can help retirees strategically in achieving these goals. There are many different strategies involving reverse mortgages, and the different payment plans can be used accordingly. For more information on which payment option might work best for your situation, contact us to learn more or visit the following resources. WeAl_kpvR1Fo5eKt5BDg--/YXBwaWQ9eW5ld3M7cT04NTt3PTYzMA--/http://media.zenfs.com/en-us/homerun/video.stack.com/23f4e7bc4aa7261e849fb3b327042496' alt='Put It In Reverse 3 Dvd' title='Put It In Reverse 3 Dvd' />If youre going through anything unjust, pray this prayer to reverse unjust situations. God ALWAYS wants to fight on your behalf and bring you justice.