Are you considering a reverse mortgage but don’t know what to believe? There are a lot of myths and misconceptions out there, so let us help you get the facts straight. Join us as we bust the top 5 myths about reverse mortgages and give you the truth behind them. Unlock the power of financial security and learn how a reverse mortgage may be part of your retirement strategy.
Company NMLS ID: 2268418
Mortgage Loan Originator NMLS ID: 2216012
If you qualify and your loan is approved, a HECM loan must pay off your existing mortgage(s). With a HECM, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan must be paid off when the last borrower, or eligible nonborrowing surviving spouse, dies, sells the home, permanently moves out, or does not comply with the loan terms. A HECM increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency.