Is a Reverse Mortgage Right for You?
Not fulfilling the borrower obligations under any mortgage or home equity loan, including any type of reverse mortgage, may lead to serious consequences—even foreclosure. That is why reverse mortgage borrowers are required to take part in pre-loan counseling (which details the loan’s commitments and conditions) before being approved for a reverse mortgage loan. And reputable reverse mortgage lenders, like Reverse Mortgage Funding LLC (RMF), will make every possible attempt to educate borrowers regarding their options to avoid a reverse mortgage foreclosure should the loan become due and payable.
As with any mortgage—forward or reverse—you must meet your borrower obligations throughout the life of the loan, including but not limited to: keeping current with property taxes, insurance, and maintenance of the property. In addition, the property must be the borrower’s primary residence throughout the duration of the reverse mortgage loan. If any of these obligations are not met, the loan will become due and payable.
The truth about reverse mortgage foreclosures is that foreclosure is often the natural resolution of a reverse mortgage after the borrower passes away. When the last surviving borrower passes away or there is no next of kin to handle a sale, the estate will simply allow the home to go into foreclosure, with no penalty to the estate.
By clicking "GET FREE QUOTE", 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 and are representing that you are the regular user of provided number. 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 888-277-8490 to complete your request. You understand that you can revoke this consent at any time.
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Reverse Mortgage Funding is a company that provides older Americans with respect, care and trust. Our goal is to help our customers to enjoy their retirement now and in the future with less financial stress and worry.