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How Do Seniors Receive Payments from a Texas Reverse Mortgage?
You have five options:
- Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- Term - equal monthly payments for a fixed period of months selected.
- Line of Credit – unscheduled payments or installments, at times and in amounts of your choosing until the line of credit is exhausted.
- Modified Tenure – combination of line of credit with monthly payments for as long as you remain in the home.
- Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
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REVERSE MORTGAGES: Good Idea?
Texas Reverse Mortgage
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