You have three options when it comes to how you will receive the cash. The first of which is to choose to accept it as a lump sum, much like a traditional loan. The maximum amount you can receive is determined by a number of factors, which we go into in detail below.
The second option is to receive the money as monthly payments over a number of years, with the monthly amount negotiated with your lender. Alternatively, you can choose to draw on the money as a line of credit, as and when you need it. This is often the best way for most people to utilise a reverse mortgage and it should help keep your costs down.
The final option is simply a combination of the above. You can receive an initial lump sum, followed by monthly payments, or simply use the remainder of the loan as a line of credit.