Loan Programs

Things to know about Reverse Mortgages:

• At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds
• Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees
• The loan balance grows over time and interest is charged on the outstanding balance
• The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home
• Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment