Please view Reverse Mortgage Funding LLC (RMF) state licensing below.
Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees may be assessed and will be added to the loan balance. As long as you comply with the terms of the loan, you retain title until you sell or transfer the property, and, therefore, you are responsible for paying property taxes, insurance and maintenance. Failing to pay these amounts may cause the loan to become immediately due and/or subject the property to a tax lien, other encumbrance or foreclosure. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan, or use other assets to repay the loan in order to retain the property.
Before obtaining a reverse mortgage, you should consult a trusted financial adviser or planner. There are government agencies and nonprofit organizations that can give you information about reverse mortgages. You can locate these resources at:
Please note that before you can complete an application for a Federal Housing Administration – insured Home Equity Conversion Mortgage loan, you must undergo counseling with a counseling agency approved by the U.S. Department of Housing and Urban Development (“HUD”). Your loan originator will provide you with a disclosure of available HUD-approved counseling agencies.
Consumers wishing to file a complaint against a Mortgage Banker or a Licensed Banker Residential Mortgage Loan Originator should complete and send a complaint form to the Texas Department of Saving and Mortgage Lending, 2601 North Lamar, Suite 201, Austin Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The Department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed Mortgage Bankers/Residential Mortgage Loan Originators. A written application for reimbursement from the Recovery Fund must be filed with and investigated by the Department prior to the payment of a claim. For more information about the Recovery Fund, please consult the Department’s website at www.sml.texas.gov.
This website has not been reviewed, approved, or issued by HUD, FHA, or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.
RMF is not licensed or registered to engage in mortgage loan origination activities in Hawaii or New York.
This site and the information on it (the "Site") is intended for mortgage professionals only, and is not intended for use by or distribution to consumers. Consumers should not rely on this site for mortgage or other advice and should consult with the appropriate reverse mortgage professional.
© 2018 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Company NMLS ID # 1019941. NMLS Consumer Access: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1019941