The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home. Generally, the older you are the more you can borrow.
How do I receive my payments?
You have several options to choose from, or you can take a combination of any of the options. Most seniors take the lump sum but it is entirely up to the individual.
Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
Term - equal monthly payments for a fixed period of months selected.
Line of Credit - The money available to you remains in a line of credit to be accessed by you at your discretion.
Lump Sum- Where you choose to accept all of the money available to you at one time.
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