Reverse Mortgage Disclosure Statement

Reverse mortgage products are subject to eligibility requirements, loan approval, and applicable program guidelines. Borrowers must be at least 62 years of age, occupy the property as their principal residence, and meet counseling and underwriting requirements. This is not a commitment to lend.

Some reverse mortgage products offered by V.I.P. Mortgage, Inc. are Home Equity Conversion Mortgages (HECMs) insured by the Federal Housing Administration and administered in accordance with guidelines established by the U.S. Department of Housing and Urban Development. HECM reverse mortgages are available only through FHA-approved lenders.

Reverse mortgage applicants are required to complete counseling with a HUD-approved counseling agency prior to loan application.

While no monthly mortgage payments are required on a reverse mortgage, borrowers remain responsible for paying property taxes, homeowners insurance, maintaining the property, and complying with all loan terms. Failure to meet these obligations may result in loan default and foreclosure.

A reverse mortgage may reduce the equity in a home. Upon the borrower’s death, permanent departure from the property, or failure to meet loan obligations, the loan becomes due and payable. Heirs may be required to repay the loan balance or sell the property to satisfy the loan.

HECM reverse mortgages are non-recourse loans. Borrowers or their heirs will never owe more than the value of the home at the time the loan is repaid, even if the loan balance exceeds the home’s value.

V.I.P. Mortgage, Inc. is not affiliated with, acting on behalf of, or endorsed by any government agency. Counseling services are provided by independent HUD-approved counseling agencies.

V.I.P. Mortgage, Inc. does not provide tax, legal, or financial planning advice. Borrowers are encouraged to consult with a qualified tax advisor, attorney, or financial professional regarding their individual circumstances.

All information provided on this website is for informational purposes only and is not intended as an offer to lend, a guarantee of loan terms, or financial advice. Loan terms, conditions, and availability are subject to change.

Licensed in applicable states. Equal Housing Opportunity Lender.