Find Out If A Reverse Mortgage Is Right For You
Stay in your home and own your home without ever making another monthly mortgage payment. Remember, like any homeowner, you are still responsible for taxes, insurance and maintenance.
A reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). Borrowers are responsible for paying property taxes and homeowner's insurance (which may be substantial). We don't establish an escrow account for disbursement of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes or insurance payments, or does not otherwise comply with the loan terms. These materials are not from HUD or FHA and were not approved by HUD or a government agency.