Retirement News with Professor Craig

Retirement News with Professor Craig

The Retirement News blog is dedicated to the financial and physical health and well-being of older Americans. 
Whether you're already in or nearing retirement, you will find important, topical information in the blog to help you make informed decisions on your road to retiring more freely.
As a 25-year veteran in the financial services industry and a certified trainer and teacher, Professor Craig's #1 goal is to help you thrive in retirement with financial peace of mind. 

Subscribe Now

     

THIS JUST IN

A Quick Guide to Your Loan Obligations
Retirement News, Refinance, Reverse Mortgage Facts

A Quick Guide to Your Loan Obligations

Your top 3 responsibilities as a reverse mortgage borrower

Loan Requirements Guide for Reverse Mortgage Borrowers

For homeowners age 62 or older, a reverse mortgage can come in handy as a strategic source of retirement funds. It allows you to leverage the equity you’ve built up in your home to pay for home renovations, cover healthcare expenses, travel or to supplement your retirement savings without necessarily having to tap into interest-paying investments potentially. Best of all, you choose how to receive your money, either as a lump sum, monthly payments, a line of credit that’s there when you need it, or a combination of these.*

Federal regulations give you specific rights as a reverse mortgage borrower. For example, you have the right of rescission, should you decide to cancel your reverse mortgage loan within three days of closing. And when it comes to paying back your loan down the road, neither you nor your heirs will have to pay more than the amount borrowed or the current value of the home because a reverse mortgage is a non-recourse loan.

As a non-recourse mortgage loan borrower, you also have certain mortgage loan responsibilities to keep your loan in good standing, which includes:

  1. The home must remain your principal residence.

Under the terms of your reverse mortgage loan, you retain the title of your home, and you must continue to live in it. Each year, you must certify in writing that you occupy the home as such.

This doesn’t mean you can’t have a vacation home. In fact, you can even use the proceeds of your non-recourse mortgage loan to purchase one. You just have to limit the time you live there.

  1. Taxes, insurance and related fees are your responsibility.

As with any loan, reverse mortgage borrowers must keep current with property taxes, insurance as well any flood insurance premiums, condominium fees or special assessments indicated at closing. You can make direct payments on your own, or you can have the lender take care of these expenses on your behalf, using your loan proceeds in a separate account.

  1. You must maintain upkeep and repair.

During the application process, your lender makes sure your home meets HUD‘s property requirements.

Lenders and servicers will give you notice before popping over for an inspection. They may also instruct you to make any necessary repairs and how long you have to make them. Failure to do so could lead to default of your loan.

You may not need a non-recourse reverse mortgage home loan today, but what about tomorrow?

A reverse mortgage loan is an exclusive financial tool designed for homeowners age 62 and older who want to access their home equity. Contact Reverse Mortgage Funding (RMF) at (888) 277-1567 to learn if you make a good reverse mortgage candidate. We’ll schedule an in-person appointment with a local loan specialist at your convenience.

This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 4.8-star / Excellent score on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.

* Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.

SEE WHAT FUNDS YOU MAY HAVE AVAILABLE

If you have equity in your home and believe you meet the eligibility requirements, a HECM may be the option that could help you retire smart.

Check Eligibility

L3805-Exp052022

Print

Subscribe to Retirement News with Professor Craig

Join our mailing list to get the latest in lifestyle content, financial advice, news and information from Professor Craig to live a better retirement.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

A More Flexible Home Equity Loan

If you’re 62 or older, there is a home equity line of credit option that offers greater financial flexibility than a traditional Home Equity Line of Credit (HELOC). It’s called a Home Equity Conversion Mortgage (HECM) line of credit. 
If you have an existing mortgage or home equity loan you could refinance them with a HECM line of credit and get enhanced benefits, including a flexible payment feature and a line of credit that GROWS when left untouched.
As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and keeping your home in good condition.


Equity Elite Reverse Mortgage



Put Your Home Equity to Work for You



Get Your Free Reverse Mortgage Quote


By clicking "CALCULATE", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-277-1567 to complete your request. You understand that you can revoke this consent at any time.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.