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Reverse Mortgage

Frequently Asked Questions

Does the lender take title to my property?

No, you retain the same ownership and title that you have today. The lender puts a lien on the

property, just as they would with a regular forward mortgage, which is paid off when you sell your

property, or when you pass and your heirs inherit and they can pay off the loan with another loan or

other funds.

When does the Reverse Mortgage need to be paid off?

When you sell the property or no longer occupy your home as your primary residence for a period of

12 months or longer.

What does the lender expect from me?

You must maintain the property in reasonably good condition. You must pay the property taxes and

the homeowners insurance and any homeowner's association dues you may have. And of course,

the lender expects you to continue to occupy the property.

I currently hold title in a Trust, can I keep it that way?

Yes you can but the lender and title company do require that they review the trust and it must be

approved. If you hold title in a trust you should let your Loan Officer know up front so he/she can get

a copy of the trust and have it reviewed immediately so that there are no surprises later. Most trusts

are prepared with lenders and their requirements in mind so they are not a problem but it is best to

know as early on as possible!

Will my heirs still receive an inheritance?

Yes, after the balance of your reverse mortgage is paid off, all remaining equity will go to your heirs.

One of the forms we provide you with before you close your loan is an amortization schedule so you

will always know the principal balance of your loan, year by year. How much equity will remain will

depend on such variables as how much money you draw, how long you stay in your home, home

appreciation, your home experiences, and interest rates (if you have a variable interest rate loan).

What's Next?

Call us at 877-900-4762 to schedule an appointment with you and your family.

 

Bank of England Mortgage
26040 Acero, Ste.114, Mission Viejo, CA  92691
Toll Free:  (877) 900-4762
Direct:  (949) 614-1412
Fax:  (877) 900-3329
cwarner@boemortgage.com
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