Which Reverse Mortgage Option is RIGHT for YOU?
By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
If a reverse mortgage is the right option for you, it's important to know that there are also many options within the reverse mortgage itself. These include: line of credit, lump sum payment, or,the least popular, scheduled tenure payments. According to Reverse Focus, which published a video in May talking about the tenure payment as a long term solution for a retirement pension, this aspect of the reverse mortgage can be a saving grace for reverse mortgage borrowers because it offers equal monthly payments until the borrower(s) passes away or is no longer occuping the primary residence. While not as popular as a reverse mortgage line of credit, which grows at a fixed rate and has unscheduled payments-- meaning the borrower can withdraw funds at their discretion until the line of credi...
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