HighTechLending, Inc.
NMLS #7147
There are advantages and disadvantages of reverse mortgages. It is easy to talk about the reverse mortgage’s many benefits – ease of eligibility, no monthly payments, supplemental income enabling a greater quality of life. In many ways, reverse mortgages are only ever presented as win-win situations. Let’s get real about the reverse mortgage disadvantages. Potential disadvantages of a reverse mortgage […]
The best reverse mortgage lenders are knowledgeable, timely, and hold membership in the National Reverse Mortgage Lenders Association (NRMLA). Top reverse mortgage lenders sincerely follow the values of the NRMLA Code of Ethics and create trust among their clients through diligence and professional honesty in all matters. Some reverse mortgage lenders may pressure you to purchase other financial products, like […]
The bank issuing the reverse mortgage loan does NOT own your home. You remain the owner of your home. (There is risk of default and foreclosure)
Unlike a traditional mortgage, there are no monthly mortgage payments to make. The reverse mortgage becomes due when you or the last borrower 1) dies, 2) sells the house or moves to a new residence, or 3) does not live in the home for 12 consecutive months. In the case where there are multiple co-borrowers, and one person dies, changes […]
