Reverse Relief FAQ

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.

Unlike FHA and traditional reverse mortgage, HCS does NOT charge any up front or monthly mortgage insurance. This can provide a huge savings on homes that are in high cost areas.

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

Reverse Relief does not have any age requirements for the loan. You do not need to be 62 years old to obtain a Reverse Relief.

The monthly servicing fee is $30 per month and is added to the outstanding loan balance and due at the time of payoff.

You will only receive a 1098 for the interest on the loan when you actually pay the interest. This can be on the payoff of the loan or if you choose to make a partial payment during the year. All payments that are made are applied to interest due first.

A monthly mortgage statement will be sent out that will detail the loan balance as of that month, rate, term and other important factors on your loan. In addition, the servicing firm can always provide an update to the moment accounting on your loan.

You can always contact HCS Equity to review your situation during the term of the loan to determine if there is enough equity to provide additional capital.