• When is my loan due?

    Reverse Relief is unique in that our loan has a Maturity Date at the 5-year mark. This means that full outstanding loan amount is due and payable at that time – including the principal, all accrued interest and monthly servicing fees. There are several other Maturity Events such as death of the borrower, change of […]

  • Do you offer any other loan programs except a lump sum loan such as a line of credit?

    HCS Reverse Relief is only offered as a lump sum, fixed-rate loan. Interest, servicing fees, and other charges are applied on the full outstanding balance as of the date of funding. We do not offer an equity line program or “draw” type of loan.

  • What can funds be used for?

    The funds to the borrower from a Reverse Relief loan can be used by the borrower for any purposes they wish. Home improvements, living expenses, medical bills, helping out family, settlement of other debts, forward mortgage relief, or many other uses are allowable.

  • Is property condition considered for the loan?

    Property condition will be factored into the value of the home, but HCS Equity is not governed by the same strict guidelines that traditional reverse mortgages require. Items such as peeling paint, substandard roof condition, broken windows, missing flooring, empty pools, debris around the property, red tags on title, and other items that normally cause […]

  • Is an appraisal or termite report required for Reverse Relief?

    In most cases an appraisal and termite report will NOT be required which saves time and costs. Determination of the requirement for either inspection will be determined by HCS Equity.

  • Is reverse mortgage counseling required?

    Yes, a HUD approved reverse mortgage counseling session is required to be completed 7 days before HCS can process the loan. A typical session will last less than 90 minutes and can be completed via phone. You will receive a list of providers to choose from. The cost of the session will be at the […]

  • Is there any sort of prepayment penalty on the Reverse Relief program?

    No, the Reverse Relief loan can be paid off at any time before the Maturity Date without any sort of prepayment penalty or minimum months of interest due. You can pay any amount desired towards the principal during the term of the loan, although funds cannot be withdrawn again.

  • What makes Reverse Relief different than a typical reverse mortgage?

    Reverse Relief is a private reverse mortgage that is not guaranteed by a government agency such as FHA or a FDIC bank. Capital for this loan program comes from alternative sources, which eliminates much of the red tape and delays that are typically found on traditional reverse mortgage programs. The private funds allow HCS Equity […]