FAQs

Yes, depending on the value of the home and the outstanding loan, HCS Equity may be able to lend extra funds to pay for these additional expenses along with the interest carry forward.

The estate can borrow extra funds up front to pay for future payments so that the beneficiaries don’t have to worry about the monthly payments until the loan is repaid or the home is sold.

Our loans are typically based on a 1 year balloon, but we can accommodate a longer term if needed.

The reverse mortgage servicing firm should send a letter to the property address, or mailing address on file indicating the amount due. In addition, escrow will order an official payoff demand right away with the proper authority provided.

Yes, the new HCS Equity loan can be repaid anytime without any sort of prepayment penalty or minimum months of interest due.

The new loan will be made to the estate or trust unless the property is ready to be transferred to the beneficiaries.

The process can take anywhere from a few days to a few weeks depending on the reverse mortgage servicing company, and responsible parties of the property/estate. HCS Equity will work closely with all parties to determine the best plan of action to pay off the outstanding reverse mortgage.

HCS has been providing capital to trusts and estates for over 20 years. We are well versed in working with trustees, court appointed conservators, fiduciaries, attorneys, or other family members that maybe involved in this transaction.

Yes, your property can be in an irrevocable or revocable living trust.

No, your heirs are not liable for this debt in the event of negative equity.