Pursuant to reverse mortgage loan terms, borrowers are responsible for paying property taxes, homeowner’s insurance, maintaining the home, and occupying the home as a primary residence. Lazerus Properties does not establish an escrow account for these payments, but a set-aside account can be set up and may be required in some cases. The loan may become due and payable when the last borrower or eligible non-borrowing spouse dies, sells the home, permanently moves out, defaults on taxes, or does not comply with the loan terms.
Lazerus Properties may charge an origination fee, mortgage insurance premium (per the Federal Housing Administration), and closing costs. Lazerus Properties works with other lenders that offers reverse mortgages, and in order to process your loan, Lazerus Properties may forward your contact information to such lenders. Some of our lenders may charge servicing fees. All of the aforementioned fees are added to the balance of the loan.
Please note that this material is not from HUD or FHA, and has not been approved by any government agency.
Lazerus Properties NMLS#1801378( opens in a new windowwww.nmlsconsumeraccess.org) is headquartered at 440 E. Huntington Drive, 3rd Floor, Arcadia, CA 91006; Licensed by the California Department of Real Estate. Lazerus Properties DRE # 02076512.