Under the Term option, you may receive equal monthly income for a fixed period of time (the Term). This option may give you greater monthly income.
For example, you may decide that you want monthly income for, say, 5 years. Then you could, for example, sell your home paying off your Reverse Mortgage...take your equity to a new home closer to the kids, and do another Reverse Mortgage. (Depending on how much equity you have to work with.)
Important note: You can remain in your home after the end of the term without having to payoff the loan - because repayment of a HECM is not required until after you no longer occupy your home as your primary residence.
If you wish further information, or if you have any questions or comments, please call
1-800/250-4959 or e-mail us by
clicking here.
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