What types of payment plans are available with the Reverse Mortgage loan?
A. A borrower with a Reverse Mortgage may choose among five payment options: Term, tenure, modified term, modified tenure, and line of credit. Under the Term option, you may receive equal monthly payments for a fixed period of time selected by you. Under the Tenure option, you may receive equal monthly payments for as long as you occupy the home as a principal residence. Under the Line Of Credit option, you may draw up to a maximum amount of cash at times and in the amounts of your choosing, as you occupy the home as a principal residence. Under the Modified Tenure plan allows you to set aside a portion of loan proceeds as a line of credit and receive the rest in the form of equal monthly payments as long as you occupy your home as a principal residence. The Modified Term plan allows you to set aside a portion of loan proceeds as a line of credit and receive the balance as equal monthly payments for a fixed time period as specified by you. If you select either of the term plans, you ca
