What can we do with the proceeds?
ANYTHING YOU WANT!!!
Payoff existing mortgage Pay off high credit card bills
Pay medical bills Buy long term health care insurance
Purchase a new car Take a trip or vacation
Do home repairs or remoldeling Have some extra needed cash for that rainy day
How can the money be taken?
THE MONEY CAN BE TAKEN IN A NUMBER OF DIFFERENT WAYS
Monthly Tenure - a predetermined amount will be sent to you and your surviving spouse every month for the rest of your lives, as long as the property is your primary residence.
Lump Sum - You will be given all the money for your home in one lump sum.
Line of Credit - The money remains with the bank and will grow at a predetermined interest rate. You may take the money as you need it.
Combination of Any of the Above - For instance, you may want $30,000 to buy a new car, aand then leave the balance in a Line of Credit.