Reverse Mortgage Loan Product
We offer reverse mortgage loans to our senior citizens (ages 55 and older) to help provide more financial stability. These are very easy to understand loans which provide a huge benefit during the golden years. Reverse mortgage loans do not have any payments due for the life of the loan and offer many benefits. The funds from a reverse mortgage can be used to pay off high interest debt, medical bills, college tuition, home renovations, payoff an existing mortgage, supplemental income, back taxes, or whatever else you’d like. The max cash out and/or monthly payments to borrower(s) depends on the age of the youngest borrower, appraised home value, & current interest rates. Reverse mortgage loans are a non-recourse loan which can remain for the remainder of the borrower’s life. The property must be a primary residence and the homeowner is responsible for the property upkeep, taxes, insurance, and homeowners’ insurance. Eligible properties are Single family residences, Condominiums, Manufactured homes, two to four-unit properties whereby the borrowers occupy one unit, and Planned unit development (PUD). The reverse mortgage loan matures and will need to be either refinanced or sold when any of the following events occurs… All borrowers have passed away, all borrowers have sold or conveyed title of property to a third party, the property is no longer the primary residence of at least one of the borrowers for any reason, borrowers fail to pay property taxes, insurance, or upkeep the property and all attempts to rectify the situation have been exhausted.
Reverse Mortgage Loan Information
***Please consult with your financial or accounting professional for all questions about your tax liabilities. Mortgage Interest and Primary Mortgage Insurance are added to your Mortgage balance and accrue daily. Homeowner is responsible and must stay current with property taxes, homeowners’ insurance and maintain their home to stay compliant with the terms of their reverse mortgage. This material is not from HUD or FHA and has not been approved by HUD or any government agency. Reverse Mortgages are neither “endorsed” nor “approved” by the Federal Government.
Reverse mortgage loans | Consumer Financial Protection Bureau (consumerfinance.gov)