Mortgage brokerage services offered through Nationwide Loans, Inc. For informational purposes only. This is not a commitment to lend or extend credit. All loans are subject to credit approval. Nationwide Loans, Inc, 701 Palomar Airport Road, Suite 300, Carlsbad CA 92011, (800) 540-3909, NMLS #1799965. See website (https://www.nationwideloansinc.com/state-licenses/) for state licenses, NMLS Consumer Access, Privacy Policy, Equal Housing Opportunity.
Kent Kopen: NMLS (#249631, issued 2012), CA Broker License (#01170224, issued 2010), TX SML, AZ DFI (LO-1030531), FL (#249631), Certified Liability Advisor. The Reverse Advisor is an educational initiative to help homeowners 55 and over better understand reverse mortgages.
If you qualify and your loan is approved, a HECM Reverse Mortgage must pay off your existing mortgage(s). With a HECM Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases.
Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan becomes due and payable when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or defaults on taxes and insurance payments, or does not otherwise comply with loan terms.
When the loan is due and payable, some or all of the equity in the property no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender charges and origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Interest is not tax-deductible until the loan is partially or fully repaid.
Call 1-800-208-1252 to learn more. A Reverse Mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency. ²Social Security benefits estimator available at www.ssa.gov/estimator. ³Loan proceeds are paid tax-free; consult your tax advisor.
Some products may not be available in all states. Information, rates and pricing are subject to change without prior notice. This is not a commitment to lend. Other restrictions apply. Equal Housing Lender.
Texas TAC §80.200(a): Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from The Department's website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments to certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by The Department prior to the payment of a claim. For more information about the recovery fund, please consult the department's website at www.sml.texas.gov. For an online version of this form, see: https://texreg.sos.state.tx.us/fids/201203133-2.pdf.
The Reverse Advisor is NOT a lender. It is an educational website designed to teach consumers and financial professionals about home equity solutions, including FHA-insured reverse mortgages. All loans are made or brokered by Nationwide Loans, Inc. Kent Kopen, NMLS #249631 and DRE #01170224, is a licensed loan originator for Nationwide Loans, Inc.
