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Reverse Information

Reverse Information

Learn from Free Informational Guides

Age in in Place

Considering a Reverse Mortgage?

consumer-guide-to-reverse-mortgages

Consumer Guide to Reverse Mortgages

Using Reverse Mortgages for Healthcare

Using a Reverse Mortgage to Pay for Long-Term Care Insurance

Money From Home

Home Equity Conversion (HECM) Fact Sheet

Use Your Home to Stay at Home

Just The FAQS

 

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Licensing

NMLS#200821/#1824975
CA DBO License #60DBO 97824
CO License #20191064045
ID License MBL #2081824975
MT License #1824975
OR License ML #5787
Equal Housing Lender

Contact Us

Covenant Reverse Mortgage, LLC
211 E Logan Street
Caldwell, ID 83605
Number:
Hours:
MON-FRI 7AM - 4PM

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This material is not from HUD or FHA and has not been approved by HUD or a government agency.
Naipc         NCPC            Senior Checked            ETHICS
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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