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What Is A Jumbo Reverse Mortgage

What Is A Jumbo Reverse Mortgage   Home » What Is A Jumbo Reverse Mortgage A jumbo reverse mortgage can give seniors under age 62 access to…

Types Of Reverse Mortgages

Types Of Reverse Mortgages   Home » Types Of Reverse Mortgages Wondering how many types of reverse mortgages there are? You’ve come to the right place. In this…

Facts About Reverse Mortgages

You will complete a financial assessment with your lender to discern if a HECM loan is your best option. They will examine your current expenses and income to determine if you can continue paying your home insurance, property taxes, maintenance expenses, and HOA dues (if applicable).

You are required, by Federal law, to complete a third-party and HUD-approved counseling session. An approved counselor will describe the pros and cons of reverse mortgages, how HECMs work, taxes, obligations, payment, and any additional information you may need to make a sound and educated financial decision. You will receive a certificate after you complete your session with a counselor.

When it is time for repayment, the Federal Housing Administration (FHA) will pay the difference. You won’t have to pay the lender more than the amount borrowed or the current home value (whichever value is less).

In the event that the borrower passes away, the remaining spouse can continue to defer reverse mortgage loan repayment so long as they continue paying the property taxes, home insurance, HOA dues (if needed), and maintenance costs.

Start The Process And Speak With An Advisor.

Contact Standard Lenders now to learn how our home mortgage loans can help you live with peace of mind.