Getting a reverse
mortgage can be an excellent opportunity for senior citizens to have
a supplemental income, but you should know that there are many
conditions you should meet before you are approved for one. When you
do get qualified, however, the next question you might be asking is
which payout method you should prefer. Here are some comparisons
among three options:
Lump Sum
The main advantage of
taking a lump sum is that you get all you are entitled to in one
sitting; no more waiting for monthly payouts and keeping it stashed
away for a rainy day. However, this fact in itself presents a
problem; if you happen to spend it all in one place, you’ll have
nothing left.
