Contribute to line of credit

In most cases, a line of credit from a reverse mortgage cannot be used in that manner. You can draw the money up to a certain limit, but you generally are not allowed to pay it back over time. Some companies may permit you to use the line of credit in such a fashion, but the decision is made on a company-by-company basis, and the majority of lenders do not offer such an option

Yes, if you take some money from the Line of Credit, you can pay it back. I haven't heard of any Lender that inhibits homeowners paying it back. And you can do the same thing with a fixed interest rate Reverse Mortgage too. If the fixed program didn't come with a Line of Credit, any money you pay towards the loan won't be recoverable. It'll simply be used to pay down the loan. But if the fixed program came with a Line of Credit, you can pay that portion back if you'd like and withdraw from it again There aren't many fixed programs that offered Lines of Credit, because they were only offered by a few Lenders, and nobody got one because the interest rate was 10% higher then the standard fixed program. However, some fixed interest rate Reverse Mortgages have Lines of Credit, but only when the homeowner takes repairs into the loan. When that happens, a Line of Credit is established to pay the repairs. And when the repairs have been completed, the Lender leaves the unused portion of cash in the Credit Line. Raymond