1. Tenure Plan: Under this plan you will receive monthly payments from for as long as you occupy the Property as a principle residence.
2. Term Plan: Under this plan you will receive monthly payments from for a fixed period that you select.
3. Line of Credit Plan: Under this plan you may request advances in unscheduled payments or in installments, at times and in amounts that you choose until the line of credit is exhausted.
4. Modified Term or Tenure Plan: Under these plans you may combine a line of credit with a monthly payments. In exchange for reduced monthly payments, you will set aside a specific amount of money at closing for a line of credit, on which you can draw until the line of credit is exhausted.
Note: All plans described above are subject to the Initial Disbursement Limit. As with all reverse mortgages, the borrowers must continue to live in the home as their primary residence and stay current on taxes and insurance.