FAQs

Yes, your home can be lost to foreclosure during the term of the Reverse Relief loan or after the Maturity Date. It is important to read the loan documents and fully understand the terms of the Reverse Relief mortgage, including the importance of paying property taxes and hazard insurance on time.

The estate will have 6 months to pay the loan in full, from the date of death.

At the conclusion of the 5 Year term, all accrued interest, principal, and servicing fees will be due in full. You will receive a notice at least 90 days in advance of the Maturity Date reminding of this event. You will need to either refinance into another loan, sell the property, or make other arrangements.

Reverse Relief is secured just like a normal mortgage (Deed of Trust) on the property. HCS Equity does not have any ownership in your home, and it may be sold or refinanced at any time.

A typical loan will take about 18-21 business days to complete due the required wait times from initial disclosures, mandated reverse mortgage counseling session, and 3 day funding recession.

Unlike FHA and many traditional reverse mortgage programs, Reverse Relief does not charge monthly mortgage insurance or any type of financed up-front mortgage insurance premium. 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. The value of the property will determine the maximum loan amount available.

The Reverse Relief program does not have any minimum age requirement.

The monthly servicing fee is $30.00 per month, and is added to the outstanding loan balance. It is collected at time of loan payoff.

You will only receive a 1098 for the interest on the loan when some form of payment is made. This can be on the payoff of the entire balance, or any other partial payment made prior. All payments are applied to interest due first.