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 non-borrowing spouse meeting certain criteria no longer occupies the home as their principal residence (i.e., passes away, moves out, or vacates the property for more than 12 months).
  • 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

(52)

True Professional Larry was a true professional and really knows his stuff. He helped me with a financial problem and I now can breathe much easier knowing I can stay in my home.

Dolores R — Feb 3, 2015

Larry Knows His Business Larry did a great job with follow up when I needed questions answered. Still a little in the fog about how to pull more funds from my account, if I have a need down the road.

Jim D — Jul 17, 2015

I Decided to Investigate with some Trepdition When I decided to investigate a Reverse Mortgage I did so with some trepidation. There was so much negativity about them that I didn't think I would end up getting one. But when everything was explained to me it became obvious that there was no reason not to. So I proceeded thru the procedure and ended up with the mortgage. Everything you told me came to pass and I am completely satisfied with the end product. It would behoove those who are eligible to look into getting one for themselves. Thank you again

John M — Aug 20, 2015

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This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.

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Illinois Residential Mortgage Licensee; Arizona Mortgage Banker License #0935256: Georgia Residential Mortgage Licensee No. 36793; Originator License No. 40299; Kansas Originator License LO.0001032; Licensed by the New Jersey Department of Banking and Insurance; Texas Mortgage Banker Registration in-state branch office 6044 Gateway East, Suite 236, El Paso, TX 79905(branch NMLS 1244676) RMF is not licensed or registered to engage in mortgage loan origination activities in Hawaii or New York.