Veritas Funding Reverse Mortgage Review

Veritas Funding Reverse Mortgage is offered by Veritas Funding (NMLS #252108), a direct lender founded in 2004 and based in Midvale, UT. Veritas Funding Reverse Mortgage is available in 13 states across the USA.

What types of reverse mortgages does Veritas Funding Reverse Mortgage offer?

Veritas Funding 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.

A line of credit. This is a more flexible option that allows borrowers to only borrow (and pay interest) on the amount they withdraw from their line of credit. In the case of reverse mortgages, the amount of cash available in your line of credit increases as time goes by.

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 Veritas Funding Reverse Mortgage charge for a reverse mortgage?

Veritas Funding 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 Veritas Funding Reverse Mortgage?

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

• Primary home