You can receive the loan as a lump sum, a monthly amount, or a line of credit (essentially, a checkbook you use to spend the funds as needed), ... read more
Reverse mortgage interest rates are fairly low, currently around 2% for a variable rate and around 5% for a fixed rate. As good as that all sounds, there are serious pitfalls to reverse mortgages, says Sandy Jolley, a reverse mortgage suitability and abuse consultant in Los Angeles. read more
You can access your home equity in several ways with a Home Equity Conversion Mortgage – the lump sum, line of credit, and monthly payments are the most common methods, but it’s also possible to use a reverse mortgage to purchase a new home entirely, thanks to the HECM for Purchase. read more