America's Finest City Mortgage
Reverse Mortgage, Financial Stability, Homeownership Experience
The Facts about Reverse Mortgage
Myths & Misconceptions
The following information is to address common concerns about the Reverse Mortgage product.
1. We do NOT take your home. You and your estate will continue to retain ownership and the title to your home.
2. Your heirs will NOT be responsible for the repayment of the debt. The reverse mortgage is a non-recourse loan. This means that America Finest City Mortgage can only receive payment from the proceeds of the sale of the property. Any balance owed above and beyond will be covered by the mortgage insurance premium that was paid to HUD during the course of having the reverse mortgage.
3. You do NOT have to make monthly payments on your Reverse Mortgage. We are in the business of helping you keep your home and meet any financial needs you may have to maintain financial independence. You may remain in your home as long as you wish. However, at any time you decide to sell your home, the outstanding balance would need to then be repaid.
, Homeownership Experience
, Reverse Mortgage
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