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Receiving Loan Proceeds
With a Home Equity Conversion Mortgage, you receive your loan proceeds according to your choice from among five possible HECM payment plans:
• tenure (monthly payments for as long as you occupy the property),
• term (monthly payments for a specified time period),
• draws on a line of credit,
• modified term (a term plan combined with a line of credit), or
• modified tenure (a tenure plan combined with a line of credit).
In Texas, loan proceed payment options are limited by state law. The line of credit feature is not allowed.
Read below more on Home Equity Conversion Mortgage
Mortgage Guide – Why Choose Home Equity Conversion Mortgage
Mortgage Guide – Tips to borrow Home Equity Conversion Mortgage
Mortgage Guide – Tips to Determine Home Equity Conversion Mortgage Loan Balance
Mortgage Guide – Tips to Determine Monthly Mortgage Payments
Mortgage Guide – Tips to Repay Mortgage Loans
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Mortgage Guide – Tips to Receiving Loan Proceeds is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
- Mortgage Guide – When is HECMortgage Repayment not required With all HECM payment plans, you have the security of knowing that repayment is not required until you no longer live in your home, as long as you maintain your......
- Mortgage Guide – Advantages of 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......
- 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......
