How do we get access to our funds if we choose a Monthly Payment or Credit Line distribution?
You will notify your loan servicer to arrange for access to your funds.
How long does this process take?
Approximately 4-6 weeks, depending on how quickly you are able to provide all the required documentation.
Who is responsible for my annual Taxes and Insurance?
Just like your current mortgage, you as the homeowner will continue to be responsible for your taxes and insurance payments.
Can I setup a Tax and Insurance Impound/Escrow account?
Once your loan has closed, we can assist you in the setup of an impound/escrow account.
What happens if I take a really long trip?
No problem at all, enjoy yourself. Each year you will be required to sign a Verification of Occupancy Statement confirming that the property address listed in your reverse mortgage is still your primary residence.
When do I receive my monthly distributions?
First business day of the month.
Can my kids access the funds?
Only if a Specific Power of Attorney (needs to be lender approved) is drawn up. Please consult your legal/tax professional for more details.
How long after I pass away do my kids have to refinance or sell the home?
One of the many great features of your Reverse Mortgage is that the surviving spouse can remain in their residence and continue to not make any mortgage payments as long as all property taxes, insurance and HOA dues are kept current each year. Once both homeowners no longer reside in the home, the industry standard is 6 months with possible extensions granted.