Frequently Asked Questions | Expand All
  • I am hearing impaired, how can I contact you?
    We provide a special line for our hearing-impaired customers. Our toll free hearing-impaired telephone line (TTY) is 1-888-827-6697. You can also e-mail us using the Contact Us page in this website or e-mailing directly to CustomerService@myRMloan.com.
  • How will I be able to keep track of my loan balance?
    Each month you will receive a statement from us which will show the details of your loan, the interest rate you are currently being charged, your loan balance and your available funds. You can review your monthly statements in the My Statements page of this website.
  • What is the Mortgage Insurance Premium (MIP)?

    The Mortgage Insurance Premium ("MIP") is an FHA required fee paid directly to the FHA. The purpose of the MIP is to protect against the possibility that your loan balance may, at some point, exceed the value of your home. This gives you and your lender protection and assurance your funds will be available if this should occur.

    There are two types of MIP: "Upfront MIP" and "Monthly MIP". At the time of your loan closing, your loan balance was charged the initial "Upfront MIP" fee, which is a % of your maximum claim amount. That fee is reflected on your loan closing statement (Form HUD-1 Settlement Statement) which you received with your loan closing papers.

    In addition to the Upfront MIP fee, each month your loan balance will be charged for the "Monthly MIP". Your Monthly MIP rate depends on the type of loan you have, and the rate can be located on your monthly statements. Each month, one twelfth of the amount is added to your loan balance. At the end of each month, we multiply the Previous Loan Balance by your MIP rate divided by 12 (the "MIP Monthly Periodic Rate"). As your loan balance grows, the "Monthly MIP" premium will also grow.

  • Do the available funds in my Line of Credit earn interest?

    No. If your reverse mortgage payment plan includes a "Line of Credit" option, the funds available to withdraw might increase or "grow" each month. This "growth" is not interest. Each month, the funds available in your Line of Credit are recalculated. If your available line of credit is large enough to allow you to accumulate more growth than the interest and fees charged, you may experience a line of credit growth. If your monthly interest and fees are more than your growth, you might experience a decrease in your available line of credit funds.

    Even though these funds are available, you will not be charged interest until they are withdrawn.

  • How will I receive my funds?
    You have the option of choosing one of two ways to receive your money, either by check or by direct deposit to your bank account. If you are on a monthly payment plan, we will automatically mail you a check unless you have signed up for direct deposit. If you would like direct deposit, please complete and submit the "ACH Direct Deposit-Original EFT Request" form found in Forms page of this website.
  • How do I request funds from my reverse mortgage line of credit?

    To draw money from your line of credit, you will need to download, complete, sign and submit the "Unscheduled Advance Request" form found in Forms page of this website. All borrowers associated with the Reverse Mortgage are required to sign this form. After you have completed the form, you can either mail or fax it to our office or scan it and email it to us.

    When we receive and review your signed "Unscheduled Advance Request" form, we will either mail your check or send your money directly to your bank account via direct deposit if you have enrolled in Direct Deposit. If you are not signed up for our Direct Deposit Option, please allow extra time for checks to arrive at your home.

  • What if I run out of "Unscheduled Advance Request" forms?
    You can download additional "Unscheduled Advance Request" forms from the Forms page of this website or you can contact us and we will fax, mail or e-mail you extra forms whenever you need them.
  • Do I need to maintain a minimum balance in my Line of Credit?
    Yes. In order to make future withdrawals, you must maintain a minimum $50.00 balance in your Line of Credit.
  • Am I paying interest on the funds I have already received?
    Yes. Per your loan documents, interest accrues on your loan balance. The amount you owe and the interest rate are reflected on your monthly statement.
  • Am I charged a fee if I use Direct Deposit?
    There is no fee charged by us or your bank for using the direct deposit option. We provide this service free of charge.
  • How do I set up Direct Deposit?
    It is very easy to set up your Direct Deposit account. You will need to download, complete, sign and submit the "ACH Direct Deposit-Original EFT Request" form found in Forms page of this website. Complete all of the items on this form and have ALL borrowers associated with the Reverse Mortgage sign it. You will need to mail us a pre-printed original voided check with your bank account information along with this completed form. ALL borrowers must be authorized signers on the bank account.
  • With Direct Deposit, how long will it take before my money is credited to my bank account?
    Funds sent via direct deposit will be processed and submitted to the Federal Reserve Bank within five business days of our receipt of your written request. The funds will then be forwarded to your bank for credit to your bank account.
  • Can I have my money sent to a Savings Account via Direct Deposit?
    Yes, however, only ONE bank account can be set up for direct deposit. If you wish to have funds sent to a savings account, you will need to contact your bank to obtain the "external ABA routing number" for "ACH Direct Deposits" along with your "savings account number". Normally, the numbers on savings account deposit slips are not the same as those needed for direct deposit. A letter from your bank with the numbers is preferred.
  • What is the "Servicing Fee"?
    FHA authorized a Servicing Fee to be applied to your loan balance each month. This fee pays the cost of servicing your loan, which includes: Processing payments to you, monitoring proof of payment for your taxes and insurance, processing required FHA Annual Occupancy Certifications, working with you to obtain draws, answering your questions, and providing you with necessary paperwork. The monthly fee is fixed for as long as you have your loan. The fee is taken from your "Servicing Fee Set Aside" account and applied to your loan balance. The balance of this Set Aside account is reflected on your monthly statement. These funds are not available for you to draw.
  • What happens if I have an insurance loss against my property?
    If you have an insurance loss (fire, flood, etc.) to your property, based on the type of coverage you have, your insurance company will issue a check for the amount of the loss (less any deductible, depreciation, and other fees deemed applicable by the insurance company). Your insurance company will make the check payable to both you and to your reverse mortgage company. If the amount is $2,500 or greater, HUD-FHA Guidelines require your reverse mortgage company to deposit the funds. We will hold the funds until the damage to your property has been certified as repaired. Inspection fees are paid by the homeowner. We will work with you to monitor the progress of the repairs and make payments to the contractor(s) according to the provisions of your repair contract.
  • Am I responsible for paying my Property Taxes and/or Property Insurance? (Homeowners, Fire etc)
    Yes. You are responsible for paying your Property Taxes and Property Insurance (Homeowners, Fire etc.). If you fail to pay your property taxes or property insurance, your reverse mortgage will be in default and will be immediately due and payable. If you fail to make a payment on your property taxes or property insurance premium, contact Customer Service as soon as possible.
  • Am I responsible for paying my Flood Insurance premium?
    You are responsible for paying your Flood Insurance if your home is located in a flood plain. Should FEMA determine that their official flood map reflects your property has moved into a flood plain, you will be required to carry flood insurance on your property. If you fail to pay for your flood insurance, your reverse mortgage will be in default and will be immediately due and payable. If you fail to make a payment on your flood insurance premium, contact Customer Service as soon as possible.
  • What if my question was not answered here?
    If you have a question that was not answered above, please Contact Us.
  • How do I change my Password?
    You can change your password in My Profile. Please make sure to choose a secure password that you can easily remember. Passwords should be minimum 8 and maximum 15 characters and at least 1 Upper Case, 1 Number and 1 Special Character.