When considering a reverse mortgage, a borrower has several options from which to choose, all of which are subject to the Initial Disbursement Limit:
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Tenure plan - the borrower with receive equal monthly payments from the lender for as long as they occupy the home as a principal residence.
- Term plan - the borrower will receive equal monthly payments from the lender for a fixed period of time selected by the borrower.
- Line of Credit plan - the borrower receive advances in unscheduled payments or in installments, at times and in the amount of their choosing until the line of credit is exhausted.
- Modified Term or Tenure plans - the borrower my combine a line of credit with monthly payments. The borrower must set aside a specified amount of money at closing for a line of credit on which they can draw until the line of credit is exhausted.
VIP Mortgage has Certified Reverse Mortgage Professionals (CRMP), specializing in helping older borrowers convert a portion of the equity in their home into cash flow. Call Michael Thomas today at 602-791-0249 to learn more.