Posted on: 06th Aug, 2013 04:05 pm
When using a reverse mortage, can I take out more money each month other then for the monthly payment? Or do I only get to take out the payment amount?
Hi JK,
As far as I know, you can either get a fixed sum every month as your reverse mortgage proceeds or you can get a lump sum amount when you take out the loan.
As far as I know, you can either get a fixed sum every month as your reverse mortgage proceeds or you can get a lump sum amount when you take out the loan.
Hi JK!
Welcome to the forums!
I do not think you will be able to take out any extra money from your reverse mortgage proceeds. But there is no harm in asking the lender and clarifying the matter.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I do not think you will be able to take out any extra money from your reverse mortgage proceeds. But there is no harm in asking the lender and clarifying the matter.
Feel free to ask if you've further queries.
Sussane