Designed to assist senior citizens living on limited incomes, Reverse Mortgages enable homeowners who are at least 62 years of age to remain in their home. Instead of making monthly mortgage payments, homeowners actually receive payments secured by the home’s equity from the lender. Thus, it was named a Reverse Mortgage.
As long as homeowners participating in a Reverse Mortgage continue to live in the home as their principal residence or do not fail to meet the obligations of the mortgage, they do not have to repay the amount. Property taxes, homeowners insurance and condominium fees (if applicable for condo owners) must also remain current. At the time the home is sold or vacated by the borrowers, the loan must be paid back.
While there are no guidelines on how the funds must be used, Reverse Mortgages were created to provide senior citizens who live on limited incomes a wonderful opportunity to access funds to help support monthly living and health care expenses.
While the task of simultaneously selling one home and buying another was daunting, the team at First Choice made it all seem easy. They not only performed several magic acts to help us get the job done, they did it with professionalism and expertise. -Victor T. | Kapaa, HI | 6.5.2019
The hyperlinks to other websites are provided solely as a convenience of the users of the First Choice Loan Services Inc. internet site, or the sites of its mortgage loan originators. The Company has made a limited effort to determine that these links function properly. Linked sites are not under the control of the Company or Originator, and the Company or Originator is not responsible for the contents of any linked site, or any link contained in a linked site, unless the site is www.fcloans.com. You are responsible for confirming the identity and authenticity of any site you visit and transact business with online. The inclusion of a link does not imply or constitute an endorsement by the Company, its ownership or management, the originator, the products or services it offers, or any advertisers or sponsors appearing on these web sites.You can click the Cancel button to return to the previous page or use the back arrow/button on your browser after you leave.
Protect yourself from possible e-mail fraud threats. First Choice Loan Services will never request your confidential information through email. Contact us at 855-532-2047 to verify any email request or to report suspicious emails.