RMF allows you to pay flexibly towards your principal and interest while keeping up with property taxes, insurance, and maintenance. When the loan becomes due, you will need to cover the loan balance, fees, and interest. You can opt to sell the home or other assets. Alternatively, you can refinance through a conventional mortgage.
Early payoff
RMF funds all the costs associated with your mortgage from the loan amount, except for the government reverse mortgage counseling. The fees and penalties will be added to the loan balance and are paid along with the interest on a due date. Depending on the option you’ve chosen, you can be required to pay an origination fee, closing costs, mortgage insurance premium, and monthly servicing fee.
Payment Details
Short name
Reverse Mortgage Funding
