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I am confused when I took out my reverse mtge they provided as per my request (1) a payoff of my wquity loan (2) a lump sum available as needed and (3) the balance as an income stream, I was told at the time that after my equity loan was paid I could have the balance in a lump sum if i so desired. Have the rules changed??
Some lenders may let you take a lump sum on a reverse mortgage. It is generally most appropriate with the enormous interest rates for use as an income stream.
Please just make sure that you understand all the fees and the interest charges for the reverse mortgage. They can be much more expensive for traditional loans, especially if you are pulling out a lump sum.
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