FAQ_s

At the maturity date the loan is considered due and payable in full, including all accrued interest, principal, and servicing fees. The borrower will receive a notice at least 90 days in advance of this day as a reminder to refinance into another loan, sell the property, or make other arrangements.

Reverse Relief is secured as a normal trust deed on your property, and the lender does not have any ownership in your home. You are free to sell your property at any time.

A typical loan will take about 21 business days to complete due to the counseling session and government mandated wait times. Please see the attached chart XXXXXXXXX.com to gain a better understanding of the process and timeline. By streamlining many of the extraneous rules and difficult guidelines that delay traditional reverse mortgages by months, HCS […]

Unlike FHA and other traditional reverse mortgages, Reverse Relief does NOT feature an Up-Front Mortgage Insurance Premium nor any monthly mortgage insurance. This can provide a significant savings to the borrower.

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

Unlike most reverse mortgage programs, Reverse Relief does not have any age requirement and you do not need to be 62 years old to apply.

The monthly servicing fee is $30 per month and is added to the outstanding loan balance each statement period.

You will only receive a 1098 for accrued interest on the loan upon repayment, full or partial. All payments that are made are first applied to interest due.

You can always welcome to 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, with the principal balance and all accrued interest/servicing fees due that that time. As with all reverse mortgages, the loan also becomes due upon death of the borrower. There are several other potential maturity events such as sale of the […]