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When Do You Receive HECM Payment?

When you qualify for a reverse mortgage, you can choose to receive your money in the following ways:

  • Single disbursement. This is a lump-sum payout. You get the entire value of your reverse mortgage all at once.

  • Tenure. These are monthly payments that will keep coming in as long as you’re alive and still living in the home as your primary residence.

  • Term. These are monthly payments over a fixed amount of time that you agree to, such as 10 years. This could be useful if you only want income for a certain period of time: for example, if you want to delay Social Security until you turn 70, and it maxes out.

  • Line of credit. This is a line of credit that you can access when needed. Over time, the amount of your line of credit increases. Your line of credit increases every year by roughly your interest rate when you don’t borrow off it. If your original line of credit is $100,000 and your loan interest rate is 4%, in a year, the line of credit will be about $104,000.

  • Combination. This is a combination of a line of credit, along with either tenure or term payments.
  • For purchase. You receive a lump-sum payout specifically to buy a new property while you sell your home.

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