6. Lump Sum Payments
What makes Reverse Mortgages so flexible are their payout options. There are several options available. You need to decide what is best suited for your wants and needs. The lump-sum payment option is most often associated with a Fixed Rate Reverse Mortgage, classified as a “closed-end” loan. This means is that you receive all the proceeds when the loan is closed. To learn more about lump-sum payment options, please watch our video.