One of the valuable features of the Home Equity Conversion Mortgage (HECM) is the multiple options for cashing out equity in the house. Borrowers can take cash, a credit line that grows in size if it is not used, a tenure annuity that pays a monthly stipend for as long as the senior lives in the house, and term annuities that pay a monthly stipend for a period selected by the senior. These options allow HECMs to be used for a variety of purposes, some of which were discussed last week. Some more are considered here.

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