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From America's #1 Rated Reverse Mortgage Lender

If I have a home with 100% equity and take on a reverse mortgage that provides me with monthly payments, is it possible that my monthly payments stop before I die because my equity drops to zero?

Brian V. on 12.26.2018

Michael G. Branson Edited by

Cliff Auerswald

Hello Brian,

The answer to your question depends on the type of reverse mortgage payment option you chose. There are several options available, each with unique features:

1. Fixed-Rate Reverse Mortgage

Receive a one-time, lump-sum payment at closing. The interest rate is fixed, meaning your loan balance grows at a predictable rate.

2. Line of Credit

Access funds as needed until you’ve withdrawn the full amount. Any unused portion remains available and grows over time. Once fully drawn, you won’t receive additional funds, but you can stay in your home.

3. Term Option

Receive monthly payments for a set period (e.g., 5 or 10 years). Payments stop once all available funds are used.

4. Tenure Option

Receive monthly payments for life as long as you live in the home and keep up with taxes and insurance. The payment amount is determined by your age, interest rates, and home value.

5. Modified Term

Split your funds between a line of credit and monthly term payments for a set period.

6. Modified Tenure

Split your funds between a line of credit and lifetime monthly payments (tenure option). If you allocate more to the line of credit, monthly payments will be lower.

Which Option Ensures Lifetime Payments?

If your main concern is ensuring your payments last for life, you should consider the Tenure or Modified Tenure options. These choices guarantee ongoing monthly payments for as long as you live in the home and keep up with required expenses.

For more details, check out: What Happens When Your Reverse Mortgage Money Runs Out?

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