Sentences with phrase «proceeds as a line of credit»

Other borrowers use their proceeds as a line of credit, using home equity as a strategic financial retirement tool to reserve a line of credit that grows automatically over time.

Reverse mortgages do not require monthly mortgage payments5 and you can receive your loan proceeds as a line of credit that will grow over time6 and can be accessed anytime an unexpected medical expense comes up or as needed.

For example, if you take your loan proceeds as a line of credit, you are only charged interest on the portion of the line of credit you have withdrawn.

Other borrowers use their proceeds as a line of credit, using home equity as a strategic financial retirement tool to reserve a line of credit that grows automatically over time.

Not exact matches

As the leading Georgina private lenders, Mortgage Broker Store helps homeowners get the line of credit they need to proceed with their plans.

Borrowers may choose how they wish to receive proceeds from a reverse mortgage: as a lump sum, in periodic payments, as a line of credit, or a combination of these options.

Unlike a traditional mortgage, home equity loan, or home equity line of credit (HELOC), a reverse mortgage allows senior homeowners to access a portion of their equity without ever having to make a monthly mortgage payment.3 The loan proceeds are not taxed as income, or otherwise, 4 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.3

Flexible disbursement options — Loan proceeds can be collected as a lump sum (fixed - rate only), a line of credit to be drawn upon as needed2, a monthly payment for a set period of time or as long as you live in the home, or a combination of these options.

In addition, the borrower may need to set aside additional funds from the loan proceeds to pay for taxes and insurance 5 The reverse mortgage loan balance grows at the same rate as the available line of credit.

Payment of loan proceeds — The borrower receives the loan money as a line of credit, monthly installments, a combination of both, as a lump sum, or the payment retires an existing mortgage.

Reverse mortgages allow homeowners age 62 and older to convert a portion of their home equity into tax - free loan proceeds, which they can elect to receive either in a single lump sum payment, monthly installments, or through a line of credit that allows funds to be withdrawn as needed.

This is a Fixed Rate product so the proceeds are given as a lump sum only in lieu of the option for a credit line.

Reverse mortgage borrowers can opt to receive their loan proceeds as a lump sum, as a line of credit, or in ongoing installments.

With a variable - rate reverse mortgage, you get the option of taking your proceeds as a monthly payment, line of credit, or lump sum.

The loan can be utilized as a line of credit, or proceeds can be taken out monthly or in a lump sum.

In addition, the borrower may need to set aside additional funds from the loan proceeds to pay for taxes and insurance 5 The reverse mortgage loan balance grows at the same rate as the available line of credit.

Because of the structure of FHA HECM loans, the borrower can use the proceeds from the loan as a line of credit, choose to get monthly payments instead, or a combination of the two.

Unlike a traditional mortgage, home equity loan, or home equity line of credit (HELOC), a reverse mortgage allows senior homeowners to access a portion of their equity without ever having to make a monthly mortgage payment.3 The loan proceeds are not taxed as income, or otherwise, 4 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.3