Terms & Conditions Associated with Advertisements
The information on this page is in reference to terms and conditions associated with advertisements produced by Heritage Reverse Mortgage.
Mail Advertisements:
- To qualify for a Reverse Mortgage refinance:
- You must already have a Reverse Mortgage and meet all mortgage requirements set forth by FHA and the lending institution.
- Ability to qualify depends on multiple factors including but not limited too: income, credit, home value, and the age of at least one borrower being 62 or older.
- To receive the $20 offered on some flyers
- Must call and speak to a loan officer
- Must reference the flyer received
- Must provide loan officer with basic data needed to review refinance options such as name, address, contact information, birthdates, and current loan details.
- Cash out amount is not guaranteed at $30,000 or any other number. Up to $30,000 is a general estimate of past clients and average appreciation rates of home values in the states Heritage Reverse Mortgage is licensed in.
- Offer to help pay closing costs
- These closing costs are paid at the time of closing with a lender credit from Heritage Reverse Mortgage.
- We offer similar interest rates on HECM to HECM refinances as we do on all other Reverse Mortgage Transactions.
- Lender Credit is paid from a portion Heritage Reverse Mortgage’s commissions paid by the bank that is funding the mortgage.
- We do not charge higher rates to compensate for the lender credit.
- Lender credits are only available on Adjustable Rate mortgages. Lender Credits are not available on Fixed Rate Mortgages.
- For financial reasons lender credits may be limited to loans with loan amounts above $100,000.
Television Advertisements:
The Borrower must meet all loan obligations, including living in the property as a primary residence and paying property charges, including taxes, fees, hazard insurance, etc. The borrower must maintain the home, if the borrower does not meet these loan obligations, then the loan will need to be repaid. Elective payments are allowed and with not incur a pre-payment penalty. Not all borrowers will qualify, see a lender for details. NMLS #1497455, State License Numbers: AZ #1008971, NV #4775, UT #9822979-NMLC, OR #ML-5882, ID #MBL-2081497455, CA #60DBO-138810, FL #MBR5451, GA #1497455
Additional Disclosures
Figure: 7 TAC §80.200(b)
“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A 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 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.”
Feel free to contact us with any questions or concerns. Also, visit us here!
NMLS #1497455, State License Numbers: AZ #1008971, NV #4775, UT #9822979-NMLC, OR #ML-5882, ID #MBL-2081497455, CA #60DBO-138810, FL #MBR5451, TN #1497455
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