A reverse mortgage (HECM) is a loan. Interest and fees are added to the loan balance each month, so the balance grows over time.
To keep the loan in good standing, you must live in the home as your main residence, pay property taxes, homeowners insurance and any HOA dues, keep the home in good repair, and meet the other loan terms.
The loan becomes due when the last borrower (or eligible non-borrowing spouse) sells the home, moves out permanently or passes away, or if loan terms are not met.
HUD-approved counseling is required before you apply.
Lending For Living is not affiliated with or endorsed by HUD, FHA or any government agency.
Equal Housing Opportunity.
Lending For Living, Inc., NMLS #855360, CA DRE #01907016. Edward R. Parcaut, NMLS #235384, CA DRE #01077454. Verify licensing at NMLS Consumer Access.
