FAQs

Unlike FHA and traditional reverse mortgage, HCS does NOT charge any up front or monthly mortgage insurance. This can provide a huge savings on homes that are in high cost areas.

The minimum loan amount HCS Equity will provide is $150,000. There is no maximum loan amount. The maximum loan amount is determined by the value of the property.

Reverse Relief does not have any age requirements for the loan. You do not need to be 62 years old to obtain a Reverse Relief.

The monthly servicing fee is $30 per month and is added to the outstanding loan balance and due at the time of payoff.

You will only receive a 1098 for the interest on the loan when you actually pay the interest. This can be on the payoff of the loan or if you choose to make a partial payment during the year. All payments that are made are applied to interest due first.

A monthly mortgage statement will be sent out that will detail the loan balance as of that month, rate, term and other important factors on your loan. In addition, the servicing firm can always provide an update to the moment accounting on your loan.

You can always contact HCS Equity to review your situation during the term of the loan to determine if there is enough equity to provide additional capital.

Reverse Relief is unique in that our loan has a maturity term of 5 years. This means that full outstanding loan amount is due and payable at the 5 year mark. This includes all accrued interest, servicing fees etc. There are several other maturity date events such as death of the borrower, change of use

HCS Reverse Relief is only offered as a lump sum, fixed rate loan. Interest, servicing fees, and other charges are applied on the full outstanding balance as of day one. We do not offer an equity line program or draw type of loan.

The funds to the borrower from a Reverse Relief loan can be used by the borrower for any purposes they like. Home improvements, living expenses, medical bills, helping out family, settlement of other debts, forward mortgage relief, etc. HCS does not ask what the funds are being used for.