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Modified Tenure Option
The HECM’s modified tenure option works like its modified term option — you set aside a portion of your principal limit as a line of credit and receive the rest of your loan proceeds in equal monthly payments — except that your monthly payments continue for as long as you occupy your home as a principal residence.
Both modified payment plans give you some monthly income and the ability to meet irregular or unexpected expenses if they arise.
Read below more on Home Equity Conversion Mortgage
Mortgage Guide – Tips to Receiving Loan Proceeds
Mortgage Guide – Understanding Tenure Payment Plan
Mortgage Guide – Understanding Term Payment Plan
Mortgage Guide – How does Line of credit option work
Mortgage Guide – When to Choose Modified term Option
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Mortgage Guide – Advantages of Modified tenure option is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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- Mortgage Guide – Benefits of Mortgage Payment Plan HECM is unique in the amount of flexibility in payment plans it offers borrowers. In addition to having five options to choose from, you may change payment plans at any......
- Mortgage Guide – When to Choose Modified term Option The modified term option combines the features of a HECM term payment plan with a line of credit. When you take out your HECM loan, you set aside a portion......
