Reverse Mortgage

How Do I Access the Money?

Once the reverse mortgage is in place, there are several different options to tap into the money:

  • A lump-sum payment
  • A line of credit from which the funds can be drawn upon as needed
  • A fixed monthly cash advance, which is received by the borrower over a certain number of years
  • A fixed monthly cash advance, which is received by the borrower as long as the borrower occupies the home
  • A combination of a line of credit along with a monthly cash advance for a fixed period of time selected by the borrower
  • A combination of a line of credit along with a monthly cash advance for as long as the borrower remains in the home
  • A combination of a lump-sum payment, a line of credit, and a monthly income

You can change options if your circumstances should change, providing the outstanding mortgage balance is less than the original principal limit.

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Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Investment & Insurance Services at Flagstar Bank is a trade name of Flagstar Bank. Infinex is not affiliated with Flagstar Bank. Certain insurance products are offered through Douglas Insurance Agency, doing business as Flagstar Investment & Insurance Services, which is affiliated with Flagstar Bank. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.
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