Truth About Reverse Mortgages

Bill Gaylord, NMLS 680603 | Gaylord-Hansen Team at CrossCountry Mortgage

Steve Farrington, NMLS 61852 | Gaylord-Hansen Team at CrossCountry Mortgage

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The information contained is the viewpoint of the presenter(s). Individuals should consult their own financial representative.

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With a reverse mortgage, no monthly mortgage payments are required. Minimum age is 62. Borrowers are responsible for paying property taxes and homeowner’s insurance. Failure to pay may subject the property to a tax lien or other encumbrance or to possible foreclosure. Borrowers must occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. A Reverse Mortgage is a loan and may result in negative equity. The loan must be paid off when the last borrower or eligible non-borrowing surviving spouse dies, sells the home, permanently moves out, or does not comply with the loan’s terms. Reverse Mortgages are first and second mortgage loans. These materials are not from HUD or FHA and were not approved by HUD/FHA or a government agency. If you are in any doubt as to the suitability of a product or service that you are intending to purchase, or any aspect of your personal finances, we recommend that you seek independent financial advice first. Rates, terms, and availability of programs are subject to change without notice. To find a Reverse Mortgage counselor near you, search the HECM Counselor Roster (https://entp.hud.gov/idapp/html/hecm_agency_look.cfm) or call (800) 569-4287.

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