Not all reverse mortgage calculators are created equal

What you need to know to choose best payment option

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One of the great features of the home equity conversion mortgage (HECM) program is that eligible seniors have multiple options designed to meet a variety of different needs. They can a) draw cash upfront; b) select a credit line on which to draw in the future at their own initiative; c) receive a tenure annuity for as long as they remain in their home; and d) receive a term annuity for a period the senior selects.

These options allow seniors to meet a large variety of needs. Here is a partial list, indicating the option involved: