FAQs

A credit report is required to confirm you are not in bankruptcy but we are not focused on having good credit to obtain a Reverse Relief loan.

No, HCS Equity does require income documentation such as tax returns, paystubs, bank statements or social security income.

No, you can have an existing mortgage on your property and HCS Equity will retire the existing debt as part of your new reverse mortgage. This is a great way to relieve your monthly debt, plus obtain funds to fix up your home, maintain a comfortable lifestyle, or help out your family.

Yes, you are still responsible for paying all property taxes and insurance regarding the subject property. HCS Equity does NOT impound your taxes and insurance, these are still your responsibility to pay on time. If your taxes or insurance are not paid on time, HCS has the right to call the loan due or obtain

Reverse Relief is a fixed rate loan program. The rate on your loan documents will not change during the term of your loan. Interest accrues and compounds on the outstanding balance based on the fixed rate represented on your loan documents.

Yes, your home can be lost to foreclosure during the term of the HCS loan or after the maturity date. It is important to read the loan documents and fully understand the terms of the Reverse Relief mortgage.

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

At the 5 year maturity date the loan is considered due and payable in full. All accrued interest, principal, servicing fees, etc. will be due in full. You will receive a notice at least 90 days in advance of the maturity date reminding you of the date. You will need to plan ahead to either

Reverse Relief is secured as a normal trust deed on your property. HCS does not have any ownership in your home. You can sell your property anytime you like.

A typical loan will take about 18-25 business days to complete due the required wait times from the initial disclosures going out, counseling session, loan docs, recession, etc.