Reverse Mortgage Plan Options

When considering a reverse mortgage, a borrower has several options from which to choose, all of which are subject to the Initial Disbursement Limit:
  • Tenure plan - the borrower with receive equal monthly payments from the lender for as long as they occupy the home as a principal residence.

  • Term plan - the borrower will receive equal monthly payments from the lender for a fixed period of time selected by the borrower.
  • Line of Credit plan - the borrower receive advances in unscheduled payments or in installments, at times and in the amount of their choosing until the line of credit is exhausted.
  • Modified Term or Tenure plans - the borrower my combine a line of credit with monthly payments. The borrower must set aside a specified amount of money at closing for a line of credit on which they can draw until the line of credit is exhausted.

VIP Mortgage has Certified Reverse Mortgage Professionals (CRMP), specializing in helping older borrowers convert a portion of the equity in their home into cash flow. Call Chad Roberts today at 720-220-2899 to learn more.


Contact Chad Roberts