What are the options for receiving reverse mortgage payments?
Depending on the reverse mortgage product selected, you can take a lump sum at closing, a line of credit to draw on if and when you choose, or you can elect to receive monthly payments for as long as the home is your primary residence, or for a fixed number of years. You can also elect to receive payment using a combination of the above methods. For example, you can choose a combination of an up-front lump sum for immediate needs with a line of credit that can be drawn upon at a later date when additional needs arise.
