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Fixed Monthly Payments - With The Option to Receive This Payment for Life
It is possible for the borrower to use any combination of the Payment Options available. For example, the borrower can choose to receive an amount of cash up front to use for whatever they need; put some of the cash into a line of credit so that in the event extra cash is needed, they can always request more. Then, with the remaining cash that is available, they can have that money come each month, guaranteed for the rest of their life. This option allows the senior to tailor exactly how they will receive the cash they qualify for from the Reverse Mortgage.