HCS Equity has been providing capital to trusts and estates for over 20 years, and we are well versed in working with trustees, court appointed conservators, fiduciaries, attorneys, or other family members that may be involved in this transaction.
You may have an existing mortgage on your property, and Reverse Relief will retire the existing debt as part of the new transaction. This is a great way to relieve your monthly debt, plus obtain funds for any other purpose.
Yes, the borrower is still responsible for paying all normal property taxes and hazard insurance on the property. Reverse Relief does NOT require an “escrow” or “impound” account. Similar to traditional reverse mortgages, if property taxes or hazard insurance become delinquent the lender has the right to call the loan due or “force-place” insurance coverage.
The foreclosure process may only be initiated during the loan term in the event of death, non-payment of taxes/insurance, severe disrepair of the home, or a change of the owner-occupied use of the property. Following the Maturity Date, a foreclosure could be initiated if the outstanding balance is not repaid. It is important to read […]