Brian Albrich, NMLS #91018 · Fairway Independent Mortgage Corporation, NMLS #2289 | www.nmlsconsumeraccess.org. Equal Housing Opportunity.
This material is not from HUD or FHA and was not approved by HUD or a government agency. This is a reverse mortgage loan, not a government benefit. As with any mortgage, it must be repaid. Borrowers must be 62 years of age or older to qualify for a Home Equity Conversion Mortgage (HECM); certain proprietary reverse mortgage products may be available to borrowers as young as 55, depending on the state and program. With a reverse mortgage you keep the title to and ownership of your home. You remain responsible for paying property taxes, homeowners insurance, and any HOA dues; for maintaining the home; and for occupying it as your primary residence. Failure to meet these obligations may cause the loan to become due and payable. A HECM is a non-recourse loan: you or your heirs will never owe more than the home is worth at the time the loan is repaid. Before obtaining a HECM, all borrowers must complete a counseling session with a HUD-approved reverse mortgage counselor. This is not a commitment to lend. Terms and conditions apply. Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.
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