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    • WHAT IS HECM COUNSELING?
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  • HOME
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS-CONS-CLOSING COSTS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • MANUFACTURED HOMES
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • MORTGAGE LOAN ORIGINATOR
  • FLOWERS AND ME

Helpful Information ~ Reverse Mortgage Long Island.com

Call for info: 888-843-9797 or 631-804-9044

Reverse Mortgage FAQ-Frequently Asked Questions

Questions & Answers About Reverse Mortgages

Who insures Reverse Mortgages? 

The FHA HECM, Home Equity Conversion Mortgage, is administered through the United States Department of Housing  & Urban Development (HUD) and insured by the FHA (Federal Housing Administration).


Who benefits from doing a Reverse Mortgage?

Many people do reverse mortgages in order to make their retirement better. Some choose a reverse mortgage who are widowed and no longer receive two social security checks each month due to the death of their spouse. Borrowers who wish to renovate their homes, those with little money set aside for retirement, and those who just want a financial tool to maximize their retirement are all candidates for a reverse mortgage. Many borrowers like the line of credit feature for unforeseen emergencies, knowing the unused line of credit will be available and even grow larger over time.


Are there any restrictions on how I can use the funds from a Reverse Mortgage?  

No, there are no restrictions. You can use the proceeds of a reverse mortgage any way you like. Help a family member, travel, pay bills, fix up the house, buy a second home, or pay off your current mortgage.  It's  your equity to use any way you choose.


What types of homes qualify for a Reverse Mortgage? 

Single Family homes, 1-4 unit dwellings, town houses, detached homes, condominiums, PUD's and most manufactured homes are eligible for reverse mortgages. Some mixed used residential properties can qualify for a reverse mortgage (an underwriter will determine this.)  Condominiums must be FHA approved, but if they are not, there is a process to get approval with FHA. Co-ops are not currently approved for reverse mortgages. Mobile homes are also not eligible for a reverse mortgage as most are not on a permanent foundation and the land is leased. Regarding jumbo reverse mortgages on higher value homes, there is a qualifying process for condominium approval with certain documents required.


How do I qualify for a Reverse Mortgage? 

You must be at least 62 years of age, own your own home, and use it as your primary residence for at least six months of the year, not be delinquent on any federal debt, complete HUD required HECM counseling by an independent and approved HECM counselor, and meet the financial eligibility criteria established by HUD. NOTE:  There are proprietary reverse mortgages for those as young as 60 years of age, however, the proceeds would be lower especially if you have a sizeable mortgage balance. It is possible you might not qualify.


My wife is not yet 62 years of age. Can I still get a Reverse Mortgage? What happens if I pass away?  

Through the Reverse Mortgage Stabilization Act of 2013, there was a change in reverse mortgage parameters so that non-borrowing spouses not listed on the HECM reverse mortgage can remain in the home after a borrower passes away through a deferral period set by HUD. By being listed on the HECM as a non-borrowing spouse, he/she will be able to remain in the home, and the reverse mortgage will not become due and payable upon your passing.  The remaining spouse will be required to keep paying taxes and homeowners insurance on the home as well as maintain the home.  However, if you have a HECM line of credit, it would no longer be accessible, and any monthly proceeds would end. 


How much money can I borrow with a Reverse Mortgage?  

The amount of proceeds available to you known as the Principal Limit are determined by the following: 

* age of the youngest borrower

* the lesser of the appraised value of your home or the current maximum FHA lending limit

* current interest rates

* balances on any current liens (mortgages, equity loans, and judgments). 


Naturally, you do not receive the entire current maximum FHA lending limit which at present is $1,089,300 set by HUD but a portion based on the above parameters.  Because the loan is based on age, the older you are, the more money you receive of the current lending limit.  For example, if your home is worth $1,089,300 and you are in your nineties, you would receive more proceeds than if you were in your sixties.  There are also reverse mortgage  JUMBO loans for homes in the millions with a maximum lending limit of $4,000,000 and maximum home values up to $10,000,000.  Please refer to the Jumbo Reverse Mortgages page for more info.


What are the Reverse Mortgage disbursement options?  You may choose from the following options:

* a lump sum* fixed monthly payments (tenure)

* a line of credit

* or a combination of all three 

* Modified tenure - Set up a line of credit and also receive a monthly payment for as long as you and your co-borrower live in the home. 

* Modified term - Add a line of credit along with monthly payments for a specified amount of years. You can have your money disbursed over a shorter period rather than over the term of the loan.  A shorter loan term increases your monthly proceeds. However, when the term loan ends, the monthly payments cease and the line of credit ends. You are permitted to remain in your home and remain on title which is a question some borrowers have asked. 


How is my money disbursed to me? 

HUD has designed the HECM program with two HECM loan options. HUD offers the Fixed Rate HECM and the Adjustable (variable) Rate HECM. The FIXED rate HECM has an interest rate that will never change, but it does not have the flexibility of the ARM option.  There is no line of credit available with the fixed rate HECM, there is no monthly proceeds option, and no other types of disbursement options are available after loan closing.  It is a basic cash out reverse mortgage and limited to a one-time lump sum disbursement with no other disbursements available after closing.  The Adjustable Rate HECM can be tailored to your needs and your lifestyle due to the flexibility of the program. Your proceeds come in two disbursements, one limited to funds the first year and another draw of your proceeds 365 days after funding your loan as follows:


Borrowers may access 60% of the principal limit (the funds available to you after mortgages, liens, and closing costs have been deducted) or all mandatory obligations (whichever is greater), as defined by the HECM requirements, plus an additional 10% during the first 12 months after loan closing. The combined total of mandatory obligations plus 10% cannot exceed the principal limit amount established at loan closing.


Can my reverse mortgage interest rate be locked? 

According to the FHA, lenders may lock the expected interest rate on an FHA HECM for 120 days following the date of case number assignment through FHA Connection. You will receive either the interest rate you signed for at application or the interest rate at closing, whichever is less.   


How will the proceeds from a Reverse Mortgage affect my taxes, social security, or other assistance programs? 

Proceeds from a reverse mortgage are not considered taxable income, therefore your income taxes are not affected. Your Social Security and Medicare benefits are also not affected. However, your eligibility for certain financial assistance programs including Medicaid could be in jeopardy if you have a reverse mortgage; although they are not considered income, reverse mortgage proceeds can be counted as assets.  Check with your financial advisor and Medicaid to discuss Medicaid's eligibility requirements. 


Is the application complicated? What types of documents will I be required to provide?

The application is lengthy, but you will be given assistance on completing the application. HECM applications can be completed in person, by mail, or online as an e-doc application. There will be documents required such as identity documents, income documents, real estate tax documents, homeowner's insurance documents, and also HOA documents.  It's always a good idea to gather your documents together at the beginning of the process so you will have them ready for your loan specialist.  You will receive a Documents Required form indicating  which documents are needed to begin the reverse mortgage process. If you cannot locate certain necessary documents, you might contact your attorney to obtain those that apply such as life estate, power of attorney, guardianship, etc. You may also need to provide your marriage certificate as in the case of a non-borrowing spouse or where a borrower retained their maiden name. 


Can the lender or servicer pay the property charges on my home? 

You are required to pay your property taxes, homeowner's insurance, condo fees where applicable, flood insurance, HOA fees, etc. You must be able to verify (through required documentation to the lender) that you are able to pay your real estate taxes, homeowner's insurance, flood insurance where applicable, condo fees, HOA fees, and any fees related to owning your home.  You can opt for having taxes and insurance placed in a set aside account called a LESA, Life Expectancy Set Aside. However, since it is a lifetime account, the set aside removes proceeds from your reverse mortgage which lessens your cash out amount. Further, once set up, the LESA cannot be removed; it is there for the life of the loan based upon your life expectancy. (Please refer to the section about LESA and request the trifold entitled HOW DO I QUALIFY FOR A REVERSE MORTGAGE which will be provided free of charge along with other informative literature).  Note: If there is the possibility of default on your taxes and homeowner's insurance indicated by your tax history, a LESA will be set up, and the lender will take care of paying youg taxes and insurance.  


Can I change how I receive my money after closing? 

Yes, you can. There may be a small fee for this service, however, you can change from monthly proceeds to a line of credit and vice versa. You cannot, however, change from a fixed rate to an ARM (adjustable rate ) or vice versa.


Does the lender own my home if I have a Reverse Mortgage?  

Can I lose my home if I have a reverse mortgage?  

The lender does NOT own your home if you have a reverse mortgage! Just as with any other mortgage, you retain title as the owner, not the bank. The ONLY way a lender can ever own your home is to foreclose on the home.  


Can I Have a Life Estate Deed or Power of Attorney With My Reverse Mortgage?

Life Estate Deeds, Powers of Attorney, and Guardianship are all acceptable with a reverse mortgage.  All must be submitted during the application-underwriting review process for approval. A Power of Attorney must be durable, meaning the incapacitation must have occurred prior to the Power of Attorney.

Reverse Mortgage FAQ Continued ~

WARNING! There are mandatory obligations required of all HECM borrowers which are mandated by HUD. 

As the saying goes, you must keep up your end of the bargain. You CAN lose your home to foreclosure if you default on your HECM obligations by no longer paying your property taxes and homeowner's insurance, not residing in the home as your primary residence for at least 6 months of the year, HECM borrowers no longer occupying the property for more that 12 consecutive months, failing to maintain the home according to FHA requirements, or conveying title to someone else.  


If I decide to do a Reverse Mortgage, will there be an inspection of my home? 

Yes, there will be an inspection of your home known as an appraisal in order to determine its value and condition. (Due to COVID-19, a majority of the appraisals are exterior appraisals).  There are times that a second appraisal will be required by an underwriter.  The appraisal fee, however, will not be passed on to you. 


How long does it take to close a Reverse Mortgage? It generally takes 30-60 days to close a Reverse Mortgage depending on varying circumstances. Any application with special circumstances involves more care and can take longer. It is important to provide documentation when asked and set up your appraisal as soon as you are contacted by the appraiser to ensure a timely closing.  


What happens at the closing? Mortgage documents are signed at the closing, and taxes will be paid if due. You receive your proceeds after a three day right to cancel period known as the right of rescission period. If you do not cancel your HECM application during this period, your loan is finalized, and you receive your proceeds after the right of rescission period has passed.


Does the lender send me a monthly mortgage statement that shows my current mortgage balance and line of credit?  

You will receive a HECM statement each month which shows your current interest rate, the balance of your reverse mortgage, your line of credit if any, and the growth of your line of credit.


Will I be able to refinance my reverse mortgage? Can I add a non-borrowing spouse once they become 62 years of age if they were not listed on my HECM when I closed?

A HECM can be refinanced as many times as there is equity in your home. You can add a non-borrower to your reverse mortgage loan as long as there is enough equity. In this case, a new application will be required which would include a new appraisal, title report, a closing, etc.  On HECM refi's, also known as H2H, closing costs are significantly less than the first reverse mortgage acquired as the mortgage insurance premium is significantly reduced. It should be noted that there are certain rules and parameters governing HECM refi's. There is a 5-5 rule that applies to HECM refinances. The increase in the Principal Limit of the loan must be equal to or more than five times the closing costs and proceeds equal to or more than 5% of what is being refinanced. There must be a proven benefit to the borrower in order to be approved for a reverse mortgage refi.


Can I deduct the Reverse Mortgage interest from my income taxes?

Because you are not currently paying a mortgage payment or interest on your reverse mortgage, you will be unable to deduct the interest from your income taxes. Whether heirs can do so is a question for your tax advisor.


When is the Reverse Mortgage repaid? 

Repayment occurs when your home is no longer the primary residence of all borrowers, when the loan is refinanced, or when there is a deed change that conveys the property to someone else. This is known as a maturity event requiring repayment.  If you are in assisted living or a mental health facility for more than 12 consecutive months and no other borrower occupies the premises as their primary residence, this is also considered a maturity event, and repayment is required. Repayment can also be required if you fail to pay your property taxes, insurance premiums, condo fees, and other “mandatory obligations” or when all options to bring the loan current have been exhausted and your home has not been maintained according to FHA standards.


What will I owe at the end of my Reverse Mortgage? 

What monies are owed the lender at the end of the reverse mortgage are as follows: Principal, interest, mortgage insurance, and monthly services fees (if any were charged)  that have accrued over the life of the loan.


What if I owe more than my home is worth when I sell?  

A Reverse mortgage is a "non-recourse" loan which is a type of debt secured by collateral, in the case of reverse mortgages, your home. Therefore, the lender does not have the ability to pursue any of your assets for repayment of the debt. Additionally, you can never owe more than your home is worth upon the sale of the property because of "non-recourse".  The FHA mortgage insurance that was required on your HECM protects borrowers from ever owing more than the value of the home even if the house is under water (worth less than what is owed).  In this case, lenders are made whole through FHA mortgage insurance.


Get Your Questions Answered!

Everyone has questions about the reverse mortgage product.  We offer a free, no obligation proposal which can be mailed or emailed to you upon request.


For more information:  

888-843-9797  or 631-804-9044 

IS A REVERSE MORTGAGE RIGHT FOR ME? CLICK HERE

 

THINGS YOU NEED TO REMEMBER ABOUT REVERSE MORTGAGES:  GREAT BENEFITS, BUT WITH A CAVEAT...


  • Make NO Monthly Mortgage Payments on your HECM or Pay WHAT You'd Like WHEN You Want Any Time Throughout the Year!


  • Contrary to common belief, with a reverse mortgage, you have the option of making mortgage payments any time you like or NOT making any mortgage payments at all! You can opt to pay any amount on your reverse mortgage at any time throughout the year in order to protect some of the equity in your home. Additionally, pre-payment penalties are not a feature of the reverse mortgage.


  • BUT-- because the HECM loan does not require any monthly mortgage payments, the balance will grow.  The reverse mortgage is referred to as a RISING DEBT LOAN OR NEGATIVE AMORTIZATION LOAN if no payments are made on the loan. The HECM is the opposite of a typical mortgage where you make monthly monthly mortgage payments and the balance goes down. But as explained in various pages throughout this website, even if you end up owing more than your home is worth, you can remain in your home until you (or all borrowers) either refinance, leave the premises for 12 consecutive months or pass away. 
  • The HECM loan will not become due until those maturity events take place.


  • IMPORTANT NOTE:  BANKS DON'T WANT YOUR HOUSE. However, be sure to review all the benefits as well as the requirements expected of reverse mortgage borrowers that could affect you and your family. This website explains reverse mortgage benefits, but we also explain the risks involved. "CAN I LOSE MY HOME IF I HAVE A REVERSE MORTGAGE" covered above explains the things you need to do to insure this will never happen to you.

Common Misconceptions

Rumors Abound. Let's Set the Record Straight.

Your home must be debt free to qualify.

FALSE. If you have an outstanding mortgage or equity loan balance, and as long as there is enough equity, you may be able to pay off your mortgage and qualify for a reverse mortgage. All current mortgages and judgments or liens must be paid from the reverse mortgage proceeds and are then added to your reverse mortgage balance. A reverse mortgage specialist will advise you of the amount you qualify to receive and if your current mortgage balances cause a shortfall which would preclude you from doing the loan.  Sometimes, borrowers pay the shortfall at closing if this is feasible. 


Only senior citizens low on cash can benefit from a Reverse Mortgage.

FALSE. Seniors from all walks of life are taking advantage of reverse mortgages. Even though some borrowers may have greater needs than others, a reverse mortgage can be an excellent financial or estate planning tool for anyone. Even millionaires can get a reverse mortgage! Homeowners with high value homes are using reverse mortgages in a variety of ways. Protecting their estate from some of the estate tax after their passing can be accomplished with a reverse mortgage since a reverse mortgage places a lien on the property, and that lien is not subject to estate tax. (Consult with your tax advisor.)


Only those who have excellent credit, sufficient income, and good health can qualify for a Reverse Mortgage.

FALSE. Although there will be a Financial Assessment to determine whether a reverse mortgage borrower can maintain the taxes and insurance on their home and have enough net residual income left over each month after expenses, you can still qualify. As indicated above, there is a credit and tax history review, but you can still be approved and obtain a reverse mortgage even if your credit is less than stellar. Each circumstance is unique, and approval will be at the discretion of the lender.  There are extenuating circumstances that will be considered in order to determine if your reverse mortgage requires a LESA (Life Expectancy Set Aside).


Bankruptcy, foreclosure, judgments and collections prevent you from obtaining a Reverse Mortgage.

FALSE. Borrowers who are currently in bankruptcy or foreclosure may be able to secure a reverse mortgage. Your bankruptcy trustee may give permission for the reverse mortgage to go forward. But you must show you've been on time with your payments for 12 months.  Consult with your attorney and your reverse mortgage specialist for details. As for collections, if they show up on a credit report, even though you are not paying them, 5% of the amount owed on balances of $2,000 or more will be added to your expenses which increases your debt ratio.  


I will have to make monthly payments if I have a Reverse Mortgage.

FALSE.  With a reverse mortgage, you never make any monthly mortgage payments. However, if you desire to make payments or defray the costs and retain more of your equity, the lender will accept them at any time and in any amount. 

GOT QUESTIONS?

COMMON MISCONCEPTIONS CONTINUED:


The lender will take title to my home and own my home if I take out a Reverse Mortgage.

INCORRECT.   A reverse mortgage is a mortgage, just like any other mortgage.  You retain title and ownership of your home throughout the life of the reverse mortgage. The ONLY way any mortgage company can take your home from you is through a foreclosure action, whether forward or reverse.


My heirs will be personally responsible for my debt. 

FALSE.  Since the reverse mortgage is a non-recourse loan (a loan secured by collateral, usually real property, in this case a home), your heirs are not personally responsible for the loan and neither are you. THE HOUSE STANDS FOR THE DEBT. The lender can only look to the sale of the property for repayment of the reverse mortgage. Your heirs, however, may wish to keep the remaining equity of your home by selling the home or keeping the home by obtaining their own mortgage. (In the case of keeping the home, the full balance of the reverse mortgage will be due.) If selling, what is due is 95% of the appraised value or the balance of the reverse mortgage, whichever is less.


Got questions? Your Reverse Mortgage Specialist will answer your questions and provide free, no-obligation comparisons. Advisors Mortgage is here to help.  888-843-9797 - or 631-804-9044


PROS, CONS, CLOSINGS COSTS-CLICK HERE

Alternatives to Reverse Mortgages

When a Reverse Mortgage is Not the Best Option ~

Admittedly, a reverse mortgage may not be right for you. There are other options for staying in your home.  If you are looking for cash and don't mind paying a mortgage payment every month, refinancing may work well. Here are some alternatives to reverse mortgages:  


* Refinancing or obtaining a line of credit:  You might be able to lower your interest rate (depending on current rates) which can help ease some of the burden of high interest mortgage payments.


* Equity Line of Credit:  You might also take out an equity line of credit, but remember, you must qualify. If you decide down the road you need more money or want to fix up the house, you would have to refinance that mortgage.  With a reverse mortgage, if you set up a line of credit and allow it to grow over time, there will be more money in the line than when you closed your loan.


* Community loans that can be paid back when you permanently leave your home and where no monthly payments are required. These loans do not provide a large amount of cash out, but they are adequate for borrowers who are not looking for a large amount of money.

 
* Selling Your Home: It may be more advantageous to sell your home (even to your children) rather than taking out a reverse mortgage.  A Reverse Mortgage gives you a portion of your equity, but selling will provide a much higher yield as the reverse mortgage limits how much of your home's equity you can access.

* Moving in With Children: Moving in with children or family is another option that may work better for you.

What are the benefits to getting a reverse mortgage?  Independence, tax free cash, a monthly stipend for the rest of your life (if you choose monthly proceeds), and living in a community with familiar surroundings are only a few. A reverse mortgage will give you all the mortgage safeguards you need as these safeguards are written into the reverse mortgage program.  So do your homework, learn as much as you can, consult family, friends, advisors, and then make your decision.

Isn't it time your house paid you back?

Equity That Works For You

Not everyone can do a reverse mortgage. They simply owe too much money on their current mortgage. But if you have equity in your home, examine a reverse mortgage comparison from Advisors Mortgage and ask questions.

It's not about us, it's about you.

Reverse mortgages have helped countless senior homeowners to enrich their lives, so why not you?  No one can make the decision for you about obtaining a reverse mortgage nor should they. Children, advisors, attorneys, friends, can all volunteer their advice.  But ultimately, only you know what is good for you, and it is your final decision to make. Request a free reverse mortgage proposal from Advisors Mortgage and consider your options. A reverse mortgage may be exactly what you've been looking for.

  

Got Questions?  Click Contact Us for Advisors Morgtgage

888-843-9797 - 631-804-9044


Request Free Reverse Mortgage information from Advisors Mortgage and receive a free Reverse Mortgage proposal showing numbers and figures. We hope we have answered many of your questions. Feel free to contact us with any concerns you may have.  

CLICK HERE TO CONTACT US
  • HOME
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS-CONS-CLOSING COSTS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • MANUFACTURED HOMES
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • MORTGAGE LOAN ORIGINATOR

  • ADVISORS MORTGAGE GROUP, LLC.,  WE TAILOR LOANS TO MEET YOUR NEEDS -- Branch NMLS 1833015, 3265 Merrick Road, Wantagh, NY 11793 - Phone:  888-843-9797 or direct: 631-804-9044  - Licensing: CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; FL; GA Residential Mortgage Licensee; NJ: Licensed by the New Jersey Department of Banking and Insurance; NY: Licensed Mortgage Banker –OH; PA; TX. www.nmlsconsumeraccess.org 

  

  • Kathie Adler, Residential Mortgage Loan Originator and Reverse Mortgage Specialist, NMLS# 65780 
  • Branch office located at 3265 Merrick Rd., Wantagh, NY 11793 – Branch NMLS# 1833015 Equal Housing Opportunity 


  •  IMPORTANT NOTE: FOR CONCERNS OR COMPLAINTS, PLEASE CONTACT: ADVISORS MORTGAGE GROUP, LLC.,  800-778-9044


  • “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.    A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”



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