There are many factors to consider before deciding whether a Reverse Mortgage is right for you. To aid in this process, you must meet with a HUD Approved Reverse Mortgage counselor to discuss program eligibility requirements, financial implications and alternatives to obtaining a Reverse Mortgage and repaying the loan. Counselors will also discuss provisions for the mortgage becoming due and payable. Upon the completion of the Reverse Mortgage counseling, you should be able to make an independent, informed decision of whether this product will meet your specific needs. To find a Reverse Mortgage counselor please call 888-296-1180.
There are borrower and property eligibility requirements that must be met. If you meet the eligibility criteria, we will have you complete a reverse mortgage application, arrange for you to get a counselor. We will discuss other requirements of the Reverse Mortgage program, the loan approval process, and repayment terms.
The following eligible property types must meet all FHA property standards and flood requirements:
Income, assets, monthly living expenses, and credit history may be verified. Timely payment of real estate taxes, hazard and flood insurance premiums may be verified.
You can change your payment plan option for a fee of $20.
The amount you may borrower will depend on:
You can pay for most of the costs of a HECM by financing them and having them paid from the proceeds of the loan. Financing the costs means that you do not have to pay for them out of your pocket. On the other hand, financing the costs reduces the net loan amount available to you.
The HECM loan includes several fees and charges, which includes: 1) mortgage insurance premiums (initial and annual) 2) third party charges 3) origination fee 4) interest and 5) servicing fees. We can discuss which fees and charges are mandatory.