Reverse Mortgage Payments
Your reverse mortgage payments can be paid in a number of methods depending on what suits you best. For instance, it can be paid in monthly installments, a once off total amount or even as a credit line. You can also have a mix of part payment and credit line. Institutions differ in their approach regarding settlement – if you die the estate is not liable to settle outstanding loan amounts but some institutions allow a portion your homes value to form part of your estate planning. Obviously if you sell before you die then the mortgage can be paid off. A Reverse Mortgage will not impact on your rights to social security or Medicare but your SSI may well be affected.