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  • Buying a Home
    • The Loan Process
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    • Do's and Don'ts
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Retire Comfortably in Your Home

Reverse Mortgages and What You Should Know About Them
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Borrower Requirements

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  • Be 62 years of age or older.
  • Own the property outright or paid-down a considerable amount.
  • Occupy the property as your principal residence.
  • Not be delinquent on any federal debt.
  • Have financial  resources to continue to make a timely payment of ongoing property charges such as property taxes, insurance, and Homeowner Association fees, etc.
  • Participate in a consumer information session given by HUD-approved HECM counselor.

Financial Requirements

  • Income, assets, monthly living expenses , and credit history will be verified.
  • Timely payments of real estate taxes, hazard and flood insurance premiums will be verified.

Benefits

  • Stay in your home and retain the title.
  • Pay no monthly mortgage payments.
  • Loan proceeds are tax-free.
  • Enjoy Independence and flexibility, peace of mind and gaining financial freedom!
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©2019 Finance of America Mortgage LLC is licensed nationwide |  | NMLS ID #1071 | (www.nmlsconsumeraccess.org) | 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5626 | AZ Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee #15499 | Illinois Residential Mortgage Licensee | Kansas Licensed Mortgage Company | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker -- NYS Banking Department | Rhode Island Licensed Lender.

This is not a commitment to lend. Prices and guidelines are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. 
This document is provided by Finance of America. Any materials were not provided by HUD or FHA. It has not been approved by FHA or any Government Agency.

​When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.
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Buying A Home
Refinancing
​Reverse Mortgage
About Us
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Andrew Hennen Team | 12655 SW North Dakota Street, Tigard, Oregon 97223 | Direct: 503-729-3867
©2019 Finance of America Mortgage LLC is licensed nationwide |  | NMLS ID #1071 (www.nmlsconsumeraccess.org) | 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5626 | AZ Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act

Some products may not be available in all states. Credit and collateral subject to approval. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. Subject to qualification. http://www.nmlsconsumeraccess.org/ Questions? Concerns? Email us at customerrelations@financeofamerica.com. Privacy Policy https://www.foamortgage.com/privacy
  • Home
  • Buying a Home
    • The Loan Process
    • Items Needed
    • Do's and Don'ts
    • Calculate My Payment
  • Refinancing
    • 5 Reasons to Refinance
  • Reverse Mortgage
    • Reverse Mortgage Myths
    • Step by Step Process
    • Six Frequently Asked Questions
  • Our Team
  • Testimonials
  • Contact Us