While using the an excellent HECM, individuals have the ability to prefer the way they located money-both thanks to a predetermined monthly payment otherwise a personal line of credit otherwise certain mixture of all of those individuals options. The money can be used for any mission.
Exclusive opposite mortgage loans
Proprietary contrary mortgages try supported by the person loan providers providing them as opposed to the bodies. And you may as opposed to HECMs, these types of financing are generally available to individuals more youthful than just 62.