Primary Residential Reverse Mortgage

Primary Residential Reverse Mortgage Review

Primary Residential Reverse Mortgage is offered by Primary Residential Mortgage (NMLS #3094), a direct lender founded in 1998 and based in Salt Lake City, UT. Primary Residential Reverse Mortgage are available in 49 states across the USA.

Primary Residential Reverse Mortgage FAQ

What types of reverse mortgages does Primary Residential Reverse Mortgage offer?

Primary Residential Reverse Mortgage allows borrowers to apply for the following types of reverse mortgage.

Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.

Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.

What fees does Primary Residential Reverse Mortgage charge for a reverse mortgage?

Primary Residential Reverse Mortgage may charge a loan origination fee of $2500 to $6000

There is also a one-time counseling fee of $125 to consider.

What types of property can you use as security for a reverse mortgage with Primary Residential Reverse Mortgage?

Lenders often have restrictions on the type of properties they will accept as security for a reverse mortgage. Primary Residential Reverse Mortgage will consider lines of credit secured by the following property types:

• Primary home