How Do I Access the Money?
How Do I Access the Money?
Reverse Mortgage
- What Is a Reverse Mortgage?
- What's the Difference between a Reverse Mortgage and a Home Equity Loan?
- Who is Eligible for a Reverse Mortgage?
- How Much Can I Borrow?
- What Fees Are Associated with a Reverse Mortgage?
- Are There Different Types of Reverse Mortgages?
- How Do I Access the Money?
- When Is Repayment Due on a Reverse Mortgage?
- What Things Should I Consider?
- What Are the Tax Consequences of a Reverse Mortgage?
How Do I Access the Money?
Once the reverse mortgage is in place, there are several different options to tap into the money:
- A lump-sum payment
- A line of credit from which the funds can be drawn upon as needed
- A fixed monthly cash advance, which is received by the borrower over a certain number of years
- A fixed monthly cash advance, which is received by the borrower as long as the borrower occupies the home
- A combination of a line of credit along with a monthly cash advance for a fixed period of time selected by the borrower
- A combination of a line of credit along with a monthly cash advance for as long as the borrower remains in the home
- A combination of a lump-sum payment, a line of credit, and a monthly income
You can change options if your circumstances should change, providing the outstanding mortgage balance is less than the original principal limit.
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Deposit and Loan Products are offered to qualified customers by First National Bank. See specific deposit and loan product pages on this website for more detailed information. First National Bank is a MEMBER FDIC and an EQUAL HOUSING LENDER.
Investment and insurance products and services are offered through Osaic Institutions, INC. Member FINRA/SIPC. FNB Wealth Management Services is a trade name of First National Bank. Osaic Institutions,Inc and the bank are not affiliated. Products and services made available through Osaic Institutions, Inc. are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.
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