Advantages and you will downsides regarding a face-to-face home loan
While using the a good HECM, borrowers have the ability to prefer how they discovered loans-often through a predetermined payment otherwise a line of credit or even particular combination of each of those people solutions. The bucks can be used for one purpose.
Exclusive reverse mortgages
Proprietary reverse mortgages try supported by anyone loan providers offering them rather than the bodies. And you will rather than HECMs, these types of funds are typically offered to consumers younger than simply 62.