Page 15 - WSAAG052_Your Guide to Reverse Mortgages Booklet
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I will lose my house if I exhaust The HECM Loan Process
my loan funds.
No. You cannot lose your home as long as you
continue to comply with your loan terms, such as Call Today
maintaining your home and paying your property A licensed mortgage professional will help you
taxes and homeowners insurance. assess whether a HECM or another home equity
solution can help you achieve a better retirement.
I will be restricted on how I can use
my HECM loan proceeds. Counseling and Application
No. You can use the proceeds for almost any A HUD-approved counselor is specially trained and
purpose. certified to help you understand how a HECM loan
works and further evaluate whether the loan
I will be taxed on my loan amount. is a good fit for your situation.
No. Because a HECM is a loan, your proceeds are Processing and Approval
not taxed. Consult your tax advisor Our powerful and proprietary system, LendForce™,
for more information, however, will help propel your HECM loan to the finish line.
as tax laws can change.
Closing
After all underwriting conditions have been met,
Pick up the phone a closing agent will contact you to sign the final
and call us today. documents and discuss any funding questions you
might have.
Your Guide to a Better Retirement 15
