A wise move, under the right circumstances
A wise move, under the right circumstances Access your funds, which may be disbursed within three days after closing. “Your loan funds will first be used to pay off any existing mortgage on your home, and a new lien will be placed on your home with the reverse mortgage. You can then use the remaining funds from your reverse mortgage any way you choose,” DeMarkey said. How and when you receive funds will depend on whether you elect to receive the loan proceeds as a lump sum, line of credit, or monthly cash advances. (más…)