What are the Methods for Receiving the Cash

Equal Monthly Tenure Payments for as long as at least one homeowner is living in the home. That’s right, forever as long as you continue to occupy.

or

Equal Monthly Payments for a pre-determined period of time after which you still remain the homeowner and you are NOT required to pay off this loan as long as you are living in the home. You can select to receive a fixed amount every month for a period of 5, 10, 15 years or what ever length you desire.

Term Payments are not available on the Fannie Mae Home Keeper program or the Cash Account Programs.

Line of Credit allows you to access your money on an as needed basis.  The remaining credit line balance may grow in value over time.  There is no fee to withdraw money from your account. Similar to an equity line of credit, however, there are no monthly payments. Once again the payoff is not due until you vacate or sell the property. These funds can be automatically deposited directly into your current bank account.

Lump Sum gives you the opportunity to take a portion or all the money available to you after any existing property liens are paid off. Whatever the value of your house, you could elect to take all of the available equity at one time and have no monthly mortgage payment.

Combination of all of the above gives you a wide range of options. You could take part as a lump sum, set up monthly payments as discussed above, and keep part of it as a line of credit. This option gives you the flexibility to decide which option is best for your unique situation.