How can I use the proceeds?
Use the proceeds for the things you need and want. For example: establishing a “rainy day” fund for the unexpected, paying monthly bills, making home improvements, paying for health care, covering the cost of in-home services, making a major purchase such as a new vehicle, and more.
You have a number of choices for how you receive your funds:
• Lump sum
• Monthly advances (either for a fixed length of time, or as long as you live in the home)
• Line of credit (take funds when you need them) — this has become the most popular option
• Or a combination of the above