Step 1: How You Plan to Use Your Reverse Mortgage

Make a Selection that Best Describes Your Plans for Your Reverse Mortgage

Tenure Payment: You want the largest possible monthly payment for as long as you live in your house.

Term Payment: You want the largest possible payment for a period of

Credit Line: You want the largest possible credit line that can generate additional future income and/or protect against future hazards.

Cash Now: You want to access as much cash as possible right now to meet an immediate need, such as paying off short-term debt.*

Combination: You want any combination of monthly income, cash at closing, and credit line.

Purchase a House: You want the largest possible cash draw for use as down payment for a house purchase.

* Note: The "Cash Now" option is the only use of a reverse mortgage for which a fixed interest rate is permissible. All other uses require an adjustable rate.

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