THE LENDING SPOT

We may charge an origination fee, a mortgage insurance premium, closing costs or servicing fees for the reverse mortgage, all or any of which will be added to the balance of the reverse mortgage loan... The balance of the reverse mortgage loan grows over time and interest is charged on the outstanding loan balance... You retain title to the property that is the subject of the reverse mortgage until you sell or transfer the property and therefore you are responsible for paying property taxes, insurance, maintenance, and related taxes. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately and may be subject to a tax lien or other encumbrance or to possible foreclosure; and

Primary location: Meridian United States