A family funded reverse mortgage can be a win-win solution.
Caregiver Mortgage ® (Reverse Mortgage) - $2,500
Our Caregiver Mortgage ® is a secured line of credit funded by your own family members. It allows you to receive tax-free cash borrowed against your home equity, knowing that your own family – not an institution – is building equity in your home. It offers may of the features and benefits that attract people to reverse mortgages, but without the costs and restrictions.
- Secured Line of Credit Promissory Note
- Registered Mortgage, Deed of Trust, or Security Deed
- Joint Lender Agreement, Basic Property Report (Lien Search), Electronic Property Valuation
- Loan Tracking and Annual Tax Reports
- Supports multiple households (like, adult siblings) who wish to crowd fund the credit line
Setup Details: Four Easy Steps
Structure the Loan
Either the Lender(s) or Borrower may submit your loan details through our secure online Application, with the following exceptions:
(1) If the subject property is in Pennsylvania, then the Borrower must submit our online Application and submit our one-time setup fee.
(2) If any of the Lenders live in North Carolina, then the Borrower must submit our online Application and submit our one-time setup fee.
Please be prepared to provide:
- (A) Lender(s) and Borrower contact information:
Names, addresses, email addresses, phone numbers
- (B) Subject property details:
Property address, name of condo association if applicable
- (C) Family Mortgage loan details:
Loan amount(s), initial loan disbursement date, projected monthly disbursement, interest rate, term,
lien position (1st, 2nd, or 3rd mortgage)
- (D) Secure credit card payment information
You set your loan terms, but within our Standards.
Document the Loan
Within one business day of submitting your online Application, a Family Mortgage Advisor will call you to confirm the details of your loan. Within seven business days of submitting your online application, we will email you your customized, state specific mortgage documents for approval and notarized signature. The document package will also include an open lien search and an electronic valuation of your property.
Promissory Note: The Promissory Note establishes the legal debt between the parties and records how the debt is going to be repaid.
Joint Lender Agreement In the event your loan includes multiple Lenders (households), this agreement will record the individual rights and credit-line of each Lender. The individual credit-lines collectively comprise the total loan amount.
Mortgage / Deed of Trust / Security Deed: This is the legal security instrument through which you offer your property as collateral to your Lender(s) in exchange for the loan. Attached to the Mortgage / Deed of Trust / Security Deed is a legal description of the property that we will obtain from the County authority where the subject property is located.
When you’re ready, on the agreed upon loan issue date, your Lender(s) may begin disbursing funds either directly to you, or to any appropriate third parties on your behalf.
National Family Mortgage ® does not disburse funds.
Register the Loan
Return the original, notarized documents to National Family Mortgage ® for legal public recording at the appropriate government authority. You can rest assured that your Lender’s investment is protected with a registered mortgage lien.
Please note, in addition to National Family Mortgage’s ® one-time fee for service, the state of Florida requires a mortgage tax must be paid at the time of County recording.
It is the client’s responsibility to pay this additional tax. We will include an invoice for any required recording taxes when we email the parties their document package for review and approval. We will instruct you to include a check for any applicable taxes when you return your document package to us for proper recording.
Florida Mortgage Recording Taxes:
Intangible Tax: $0.20/$100
Documentary Stamp Tax: $0.35/$100
Manage the Loan
Our award winning, patented, Caregiver Mortgage ® Platform ensures expectations are clear, relationships are protected, and year-end tax reporting is simple.
- Individual and group reports
- Annotate disbursements
- Upload and attach images and receipts
- Individual annual tax reports
- Federal Patent No. US D788,142 S