Eligible homeowners must continue paying property taxes, insurance and applicable property charges and meet occupancy and maintenance obligations. Interest and charges accrue, and the loan balance grows.
A reverse mortgage is a loan secured by the home. The borrower retains title and remains responsible for property taxes, homeowners insurance, maintenance, and other applicable property charges. The loan generally becomes due and payable when the last borrower dies, sells the home, permanently moves out, or fails to meet loan obligations. HECM borrowers must complete HUD-approved counseling. Program eligibility and property requirements apply.
The information provided above is for general educational and informational purposes only and should not be interpreted as a commitment to lend, preapproval, underwriting approval, or financial advice. Loan programs, eligibility requirements, interest rates, debt-to-income ratios, mortgage insurance premiums, and financing terms may vary based on borrower qualifications, credit profile, occupancy, property type, loan amount, and applicable underwriting guidelines.
All mortgage loans are subject to credit approval, property approval, verification of income and assets, and investor or lender underwriting requirements. Certain programs, including FHA, VA, Jumbo, and Conventional financing, may have additional restrictions or qualification standards.
Interest rates, APRs, loan terms, and program availability are subject to change without notice and may not be available at the time of loan commitment or lock-in. Mortgage insurance premiums and FHA program guidelines are established by HUD/FHA and may change periodically.
Westmount Financial Group Inc DBA WestFi is an Equal Housing Opportunity mortgage company. We fully comply with the Equal Credit Opportunity Act (ECOA), Fair Housing Act, and all applicable federal and state lending regulations.
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