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Fixed Monthly Payments - With The Option to Receive This Payment for Life
In choosing the Lump Sum option, the borrower chooses to receive all of the money that they qualify for up front. They can use this money for whatever they need. If all of the money is requested up front, there would not be a line of credit, or a monthly payment.
The borrower may wish to receive all of their money up front for many reasons. This cash can be used to help pay for medical expenses, a dream vacation, a down payment on a second home, grandchildren's college education, or even a favorite charity. The options are endless, and it is up to the borrower to decide what they will use their proceeds for.