And you may, since the a good HECM contrary mortgage tends to be arranged given that an “open-ended” credit line, much like good HELOC, if you want, you might repay all of the or an element of the contrary home loan should you decide such as for instance and you may use the money again in the upcoming. However don’t have to make payments, if you undertake to not, so long as you keep surviving in your property and you will appointment your loan obligations to keep up the house and spend possessions taxation and you may insurance costs.

Good HECM reverse mortgage personal line of credit may be used into the introduction in order to a monthly payment solution otherwise on its own. Read More