reverse mortgage misconceptions Archives - Finance of America Reverse

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What Is a Reverse Mortgage?

A reverse mortgage can be a powerful financial tool to unlock home equity and help seniors supplement their retirement income. These loans let qualified homeowners ages 62 and older take cash from their home’s equity while still living in the house. The lender pays the homeowner in a monthly payment,...

How homeowners can use reverse mortgages for retirement income

Here’s when it makes sense to borrow against the value of your house instead of selling Seniors in the U.S. are sitting on a record $7.19 trillion in housing wealth, according to the National Reverse Mortgage Lenders Association. While not historically part of a well-balanced retirement plan, tapping this home equity...

Is a Reverse Mortgage Right for Me?

You may be asking yourself, “is as reverse mortgage right for me?” Without knowing all of the details, this can be a disconcerting question. Home equity is the largest source of savings for most people entering retirement, however few people understand how reverse mortgages work. This article sheds light on...

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©2022 Finance of America Reverse LLC is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 | AZ Mortgage Banker License #0921300 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee #23647 | Kansas Licensed Mortgage Company | Massachusetts Lender/Broker License MC2285: Finance of America Reverse LLC | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker -- NYS Banking Department where Finance of America Reverse is known as FAReverse LLC in lieu of true name Finance of America Reverse LLC | Rhode Island Licensed Lender | Not all products and options are available in all states | Terms subject to change without notice | For licensing information go to: www.nmlsconsumeraccess.org When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements 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 (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.

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