There are three ways in which you can receive the loan proceeds. You can take it out in one lump sum, start a Line of Credit (LOC) or a combination of both. The LOC will allow you to take out money up to a calculated amount as you may need it in the future. Once that LOC is used and you have withdrawn the full loan amount, you cannot access any more unless you re-finance your reverse mortgage. This is possible only if market conditions call for it and/or the value of your house as increases.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.