![]() ![]() Plus a disclaimer on the bottom of the form that said by signing the form I could not dispute any charges they made! This was a blank form they told me was necessary because I needed to pay for an appraisal on my home. I almost signed my home away in this manner until I got the loan docs and the first paper I was to sign was a blank form asking for my credit card number along with the three digit number on the back of the card. Those people are not the ones that are using the reverse mortgage! They can say anything that makes the program sound wonderful without having any firsthand knowledge of the process. All the advertising that is done with famous actors, is totally misleading. Once you sign on the bottom line, you really are not the owner of that home. They truly look for ways to get your home from you. So if that happens in the application process, imagine what happens after you have the loan. Even if you currently have excellent credit, they look back to previous years and items that have zero balances and make you respond to everything. When you apply, your credit is checked and scrutinized. HELO loans have higher principal limits and don’t require a mortgage insurance premium. Home Equity Loan Optimizer (HELO) One Reverse offers the Home Equity Loan Optimizer, or HELO, for homeowners without enough equity to qualify for a traditional reverse mortgage. Unless the owner moves or sells the property, the loan is only due after the borrower passes away. The borrower is responsible for taxes, homeowner's insurance and maintaining the house. ![]() HECM for Purchase One Reverse HECM for Purchase loans are an option for those who want to move closer to family or downsize without taking on a new monthly mortgage payment right away. Unlike an adjustable-rate HECM, the interest rate doesn't change. Most borrowers use the funds to pay off an existing mortgage, car loan, hospital bill or other significant financial commitment. Fixed-Rate HECM One Reverse disburses funds from fixed-rate HECM loans as lump-sum payments. ![]() The downside is your interest rate can change for the worse. Adjustable-Rate HECM One Reverse's adjustable-rate HECM gives customers the option of receiving a line of credit, a lump-sum payment or a monthly check. One Reverse Mortgage has four types of reverse mortgages options available to qualified homeowners. ![]()
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