How Your Reverse Mortgage Works
Within 30 days of closing on your Reverse Mortgage, you will receive a package with all pertinent loan information on your Reverse Mortgage.
Anytime you have questions regarding your Reverse Mortgage, just call the Servicing Department at 800-441-4428.
Every month you will receive an easy to read statement showing the status of your loan.
The most common questions after closing are:
Question - When do I receive my first payment?
Answer - If you chose a payment plan with monthly payments for your Reverse Mortgage, your first payment will be mailed to you on the first business day of the following month after your loan funds.
Question - When will I receive my payment if I elected direct deposit?
Answer - If you elected for direct deposit at closing your first payment will be mailed to you while your direct deposit account is set-up. Unless there is an issue with your direct deposit, your second payment should be directly deposited into your account.
All payments are mailed or directly deposited on the first business day of the month.
If you did not elect for direct deposit at closing but wish to change to direct deposit payments, there will be a Direct Deposit Request Form in the package sent to you after closing. Please allow 30 to 60 days to have direct deposit set up.
Question - How long before my credit line is available?
Answer - If your payment plan includes a credit line, you may access this funds about 30 days after your closing. After your credit line is set up, you may access your line as often as you like.
Question - How do I access my credit line?
Answer - You can either mail or fax your Line of Credit Fund Request Coupon. This is a coupon book you will receive at closing. Once your Request is received, your funds will be mailed or directly deposited into your account depending on what you have chosen within five business days.
Question - What if I need funds immediately?
Answer - You can fax in your Request and ask that the check be sent overnight to you for a small fee that will be added to your balance.
Question - What if I need more money every month?
Answer - You can call the Servicing Department and for a small fee of about $20, they can change your payment to fit your needs.
Question - What if I need less money every month?
Answer - You can call the Servicing Department and for a small fee of about $20, they can change your payment to fit your needs by moving your term or tenure payments into you credit line for future use.
Mortgage Trust Group, Inc.
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