LINE OF CREDIT NOW AVAILABLE IN TEXAS!
More than 50% of all families who do a reverse mortgage, request a line of credit for their funds. Line of Credit is only available on the Adjustable Rate loan. You will receive part of your money four (4) days after closing and the balance in the Line of Credit in 367 days after your closing. Your Line of Credit will ‘grow’ during this year. If you do not take the balance in your Line of Credit, it will continue to grow year after year. There is no minimum amount you may request.
Benefits of a Line of Credit:
Your unused Line of Credit balance grows by the identical rate that your loan balance is charged. So, if your loan balance is $100,000 and your line of credit balance is $100,000, they will be equal.
- There is no interest accumulating on your unused Line of Credit balance.
- Easy to access your Line of Credit, simply fax or mail your personal funds request coupon and your funds will be mailed or direct deposited to your bank account.
- You may use your Line of Credit funds anytime you wish, after 367 days after closing. This is perfect for home improvement projects!
- You may use your Line of Credit funds for anything you wish…take a cruise, pay off high interest credit cards, home improvements…Imagine the possibilities!