The possibilities are endless. And, the funds are all tax-free.

How Much Money Can I Receive?
The amount of money you receive from a HECM Plan is determined by the home value, the number and age of the homeowner(s) and the current interest rate from HUD. A representative from Reverse Mortgage of America will assist in evaluating their options and calculating the maximum amount of money that will be available to them.

How Do I Receive My Money?
With a HECM Plan, the Senior has five (5) payment options to choose from:

(1) Tenure Option or Lifetime Payment - Receive equal monthly payments for as long asthey occupy their home as their primary residence
(2) Line of Credit - Draw cash from their HECM Plan whenever and in whatever amount their choose up to the available limit. Interest is only charged on the funds drawn from the line of credit.
(3) Lump Sum Cash Advance - They can receive all of their money in a lump sum upon the closing of the HECM Plan.
(4) Modified Tenure - Set aside a portion of the loan proceeds as a line of credit in addition to monthly payments.
(5) Term - Receive equal monthly payments for a fixed period of time they select. For instance - five (5) or ten (10) years.
 

Questions, comments, or suggestions?
Please contact us:
American Midwest Mortgage Corp.
Telephone: 216-324-8113

Updated
Thank you for visiting !