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Once the reverse mortgage is in place, there are several different options to tap into the money:

• A lump-sum payment
• A line of credit from which the funds can be drawn upon as needed
• A fixed monthly cash advance, which is received by the borrower over a certain number of years
• A fixed monthly cash advance, which is received by the borrower as long as the borrower occupies the home
• A combination of a line of credit along with a monthly cash advance for a fixed period of time selected by the borrower
• A combination of a line of credit along with a monthly cash advance for as long as the borrower remains in the home
• A combination of a lump-sum payment, a line of credit, and a monthly income

You can change options if your circumstances should change, providing the outstanding mortgage balance is less than the original principal limit.