Currently Lending Reverse Mortgages in 38 States
GoodLife Home Loans® currently offers reverse mortgages in 38 states. Review the map below and click on your state to learn more information about your reverse mortgage options.
A reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). GoodLife Home Loans works with other lenders and financial institutions that offer reverse mortgages. To process your request for a reverse mortgage, GoodLife Home Loans may forward your contact information to such lenders for your consideration of reverse mortgage programs that they offer. Reverse mortgage loan terms include occupying the home as your primary residence, maintaining the home, paying property taxes and homeowners insurance. Although these costs may be substantial, GoodLife Home Loans does not establish an escrow account for these payments. However, a set-aside account can be set up for taxes and insurance, and in some cases may be required. Not all interest on a reverse mortgage is tax-deductible and to the extent that it is, such deduction is not available until the loan is partially or fully repaid. GoodLife Home Loans may charge an origination fee, mortgage insurance premium (where required by HUD), closing costs and servicing fees, rolled into the balance of the loan. GoodLife Home Loans charges interest on the balance, which grows over time. When the last borrower or eligible non-borrowing spouse dies, sells the home, permanently moves out, or fails to comply with the loan terms, the loan becomes due and payable (and the property may become subject to foreclosure). When this happens, some or all the equity in the property no longer belongs to the borrowers, who may need to sell the home or otherwise repay the loan balance.