You can collect the proceeds of your HECM/Reverse Loan as a lump sum; monthly payments for a specified time or for as long as you live in the home; a line of credit; or a combination of these. The funds can be used any way you wish, including supplementing your income, paying for a large expense, or preparing for future needs.
Reverse payouts aren’t considered income and won’t affect Medicare or Social Security benefits.*
The amount you could receive depends on a handful of individual factors—like the age of the youngest borrower or eligible non-borrowing spouse, your home’s value, the amount of equity you have, FHA lending limits, the current interest rate, and the Reverse Loan product and payment option you choose. Your Loan Officer can provide you with a quote that’s tailored to you, at no cost or obligation.
For answers to all your Reverse Mortgage questions: Contact an Academy Loan Officer near you.
*Please consult a retirement or financial planner for advice and guidance on Medicare and Social Security benefits planning strategies.