You can choose to receive a one-time advance (an Initial Advance), Single Advances, and/or Recurring Advances. Having flexibility in how you receive your funds is important.

One-Time Advance (Initial Advance)

If you wish to take your maximum eligible amount as a one-time advance:

• You would receive all your funds upfront.

• You’ll need to choose between an adjustable or fixed interest rate term.

• You may have access to lower lump-sum rates.

If you decide not to take your maximum eligible amount, you have options for the remaining funds (the minimum initial advance is $25,000):

• Choose between adjustable and fixed interest rate reset terms.

• Set up scheduled recurring advances.

• Leave room to add single advances later (subject to a $50 fee per advance).

Recurring Advances

• Only available with an adjustable interest rate term.

• Can be scheduled at any time for up to 20 years.

• Minimum advance amounts vary by frequency:

  • $500 monthly

  • $1,500 quarterly

  • $3,000 semi-annually

  • $6,000 annually

• Subject to the adjustable interest rate in effect at the time of each advance.

• No fees for scheduled advances.

Single Advances

• Available for both adjustable and fixed interest rate terms.

• Can be requested any time after closing (subject to a $50 fee per advance).

• Minimum advance amount is $5,000 (or the remaining amount if less than $5,000).

• May be subject to a blended interest rate for fixed interest rate terms.

Lenders regularly monitor the posted rates of competing reverse mortgage products. If a comparable product from another lender offers a lower rate on the date of your application, a better rate may be provided. All applications are subject to standard lending guidelines, practices, and approval criteria. Applications submitted on a non-business day will be compared against rates posted on the following business day. Offers apply to new originations only, and promotions are excluded.