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 Loan Proceeds
The options are endless; you choose! Mortgage Advocates offers several different plans to fit your financial needs now, and in the future. Lump Sum
Reverse mortgage borrowers have the option to receive their cash in one lump sum after the loan has been processed. This money is not subject to taxation*. If there is a balance or any lien against the property, the homeowner would be required to pay this first, and then use the proceeds as they wish. Line of Credit
Another option is to utilize a line of credit. The homeowner is allowed to draw on the line of credit, up to the available limit. This allows the owner to have money when they want it for whatever they want, immediately. Interest is charged on the portion of the line of credit drawn - the unused portion is not subject to interest charges. Tenure Option
When long term security is an issue, seniors find the tenure option particularly appealing. By selecting this plan, you will receive equal monthly for as long as you occupy your home. This is a great way to supplement Social Security, without taking out a loan. Fixed Term
Like the Tenure Option, the Fixed Term option lets you choose the term that the monthly payments are apportioned over. Whether it be 5 years or 15 years Mortgage Advocates will work with you to find the best plan for your specific needs. Combination
Because every senior has different needs, Mortgage Advocates will customize benefits to fit your lifestyle. You can change payment plans as life changes for you. * Consult your tax advisor
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