*Borrowers are required to pay property taxes, hazard insurance, maintain property and abide by the terms of the loan.
The Reverse Mortgage Media Room
A reverse mortgage is a mortgage with special terms for senior homeowners 62 and older. Like a conventional loan the borrower owns the home and the title remains in the borrowers’ name. However, unlike conventional loans there are no income, asset, or credit qualifications for the interest rate with a reverse mortgage. While not impacting the interest rate, income and credit are used for the financial assessment to determine borrower’s ability and willingness to pay property taxes and insurance. And with the reverse mortgage monthly mortgage payments are not required during the term of the loan. However they are responsible for paying property taxes, insurance, HOA dues if applicable, maintaining the property. The reverse mortgage is paid when the home is no longer the primary residence of the borrower(s). Additionally, as a non-recourse loan, with the reverse mortgage there is no personal liability to the borrower or their heirs at the time the loan balance is due.
Reverse Mortgages SIDAC, a division of Greenleaf Financial, LLC, NMLS #173899, are known as the Minnesota reverse mortgage experts. Beth Paterson, Certified Reverse Mortgage Professional (CRMP), Executive Vice President, NMLS #342859, has specialized in reverse mortgages since 1999. Ms. Paterson has experience in all aspects of reverse mortgages including education, origination, processing, closing, servicing, and payoff.As the author of the book, Understanding Reverse Mortgages…Financing For Seniors May Be Right Under Their Roof, Ms. Paterson has helped simplify reverse mortgages so seniors have a better understanding of all the details of this beneficial option.For your media coverage about reverse mortgages, contact Ms. Paterson for the facts and details: 651-762-9648 or info@RMSIDAC.com