Reverse mortgage payments can be received in one of five ways:
- Tenure: equal monthly payments
- Term: equal monthly payments for a fixed period of months as specified by the borrower(s)
- Line of Credit: payments made in installments or at various times and in amounts dictated by the borrower(s)
- Modified Tenure: monthly payments with a line of credit
- Modified Term: monthly payments for a fixed period of months with a line of credit
Give Lineage Lending a call today with any questions regarding a reverse mortgage. As reverse mortgage originators, they are experts in all aspects of the loan process and will answer in clear, precise language.