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A reverse mortgage, available to homeowners age 62 or over (and younger in some cases), is a loan based primarily on the homeowner’s current equity in the their principal residence.  Funds from a reverse mortgage may be disbursed in one lump sum, or over regularly scheduled intervals. As long as the borrower occupies the property as their principal residence, no principal and interest payments are required. The loan balance of principal and accrued interest on the reverse mortgage will be due and payable upon (i) sale of the property or (ii) when it no longer is the borrower’s primary residence (each a “Maturity Event”). Although no payments of principal and interest are required on a reverse mortgage until a Maturity Event occurs, the borrower is responsible for (i) maintenance of the property,  (ii) timely payment of all taxes, assessments and fees (such as HOA fees) related to the property, and (iii) insuring the property against hazards, including fire, windstorm and other applicable hazards related to specific properties such as flood and earthquake insurance. Homeowners must complete counseling with a government certified counselor before applying for a reverse mortgage.  Homeowners also should consult a tax professional for potential tax consequences. HUD or FHA did not distribute or approve this material.  A reverse mortgage is subject to underwriting approval and rates and terms are subject to change and to borrower qualification. SecurityNational Mortgage Company is an Equal Housing Lender NMLS 3116.

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