Reverse Mortgage Glossary Reverse Mortgage Lump Sum. A reverse mortgage lump sum is a large tax-free cash payout at closing. No mortgage payments are required on the lump sum as long as at least one borrower (or non-borrowing spouse) is living in the home and paying the required property charges.
Lump Sum or Monthly Payouts . You’ve lived in your home for years and accumulated a good equity position. With a Bay Area Reverse Mortgage you can have the equity in your home dispersed in a large lump sum payment or on a regular monthly cash flow so you can plan and enjoy the life you deserve without worrying about payments and having a place to live into your retirement years.
Discuss Your Options Discuss your options with our Reverse Mortgage Experts. Get your options and make a plan. They’re here to help. Rewind Your Mortgage Secure extra income or a lump-sum payout with our Reverse Mortgage lending partners. Live Comfortably Enjoy a much happier, free lifestyle and stop worrying about money.
It is normal to confuse reverse mortgage with a line of credit or home equity loan because a reverse mortgage can also provide your lump sum or line of credit on the basis of the market value of your home.
If you own your own home, you can turn it into a pension — giving you a tax-free monthly payout or a lump sum — with no need to repay until you die or sell your home. It’s not too good to be true.
What Is A Hecm Mortgage What is a hecm? hecm loans are insured through the Federal Housing Administration’s reverse mortgage program. A reverse mortgage enables homeowners to borrow some of the equity from their primary residence.