FAQs
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How can I receive my money?

For an adjustable rate program, you have five options:

  1. Cash advance – where you specify the amount of money you would like to take at close, subject to loan term limitations.
  2. Tenure – where a software programs calculate equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.  This calculation is based upon living to age 100, but payments continue past age 100 if you live longer.
  3. Term – where you specify the amount of money you will draw each month and for what specified period of time (i.e. $5000 per month for 5 years)
  4. Line of Credit – where you leave proceeds in a credit line and draw on an as-needed basis
  5. Combination – a combination of some of the above (i.e Modified Term, Modified Tenure. Lump Sum with Line of Credit), which become possible depending on the amounts in each category

 

For a fixed rate loan,  only a "single disbursement lump sum payment" is now permitted at loan closing and the amount of the payment is limited by the loan terms.

 

 

 

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