 TITLE: Is a Reverse Mortgage Right for You? CONTENT: How a Reverse Mortgage Is Determined\n------------------------------------\nYour loan amount on a mortgage is determined by a number of factors. Depending on the type of reverse mortgage, some criteria may vary by lender, government agency or nonprofit organization.\nFor HECMs, those factors include:\n*   The age of the youngest borrower or non-borrowing eligible spouse\n*   The current market interest rate\n*   The value of the home\n*   The current HECM FHA mortgage limit\nWith an HECM, you can receive your loan money in several ways, including:\n*   A lump-sum disbursement (the only option if you want a fixed interest rate)\n*   Fixed monthly payments for a set period\n*   Fixed monthly payments for as long as you live in the home\n*   A line of credit you can draw upon at any time until you've used it up\n*   A combination of monthly payments and a credit line\nChoosing the right payment option for your situation can be tough. For example, the lump-sum disbursement gives you more upfront but less overall than the other options. Also, you'll likely receive more money getting payments for a set period over the lifetime option because the latter is riskier for the lender.\nIn some cases, however, you may be able to switch your method of payment after the fact for a fee. If you're worried about making the wrong choice, check with your lender to find out your options. END