When will the principal and interest charges become due?

The loan must be paid in full when one of the following occurs:

A “maturity event” — the loan becomes due and payable when the home is sold, or the borrower or qualified non-borrowing spouse no longer occupies the home as their principal residence (i.e., passes away, moves out, or vacates the property for more than 12 months) due to mental or physical illness.
You fail to pay property taxes or homeowners insurance.
You let the property deteriorate beyond what is considered reasonable wear and tear, and do not correct the problem.

Verified Reviews

(119)

Very Helpful and Answered My Questions I talked to 3 different RV mortgage companies to start with and all of them wanted me to sign up, offering very little information. Then I talked to Larry McAnarney with RMF. He was very helpful explaining details and answered my questions very well. He was very patient with me and we closed the reverse mortgage. I would highly recommend him for reverse mortgage loan.

Jack C — Feb 3, 2020

Larry is Very Professional and Helpful Larry has been very professional and helpful in the reverse mortgage process. He always kept me updated during this process and giving me feedback. Thank you Larry

Rogeilo C — Nov 14, 2020

Larry McAnarney assisted with a reverse mortgage for my elderly Mother Larry McAnarney assisted with a reverse mortgage for my elderly Mother. Larry was always quick to respond to my questions and emails and even presented to the condo board where my Mother lives for the reverse mortgage program. The process of closing and signing the papers went without any issues. We could never have been able to help my Mother if weren't for Larry's help and expertise. He is very knowledgeable and experienced in this field. I do not hesitate to recommend Larry to anyone looking for a reverse mortgage.

Terri F — Jan 6, 2021