You have several options, which vary depending on the product type: receive a lump sum payment, set up monthly payments for a fixed period or for life*, establish a line of credit to draw from as needed, or combine these options. In some cases, you may even be able to adjust your payment plan later if your needs change.
*Available with tenure-based or modified tenure plans, so long as borrower does not default on the loan. With modified tenure plans, lender will set aside a specific amount of money for a line of credit.
