A private 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 the relatives of a retired homeowner. It allows the homeowner to receive tax-free cash borrowed against their home equity, knowing that their own family – not an institution – is building equity in their 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 the Lender lives 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 the Borrower’s 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 your Borrower offers their property as collateral to you 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, you may begin disbursing funds either directly to your Borrower, or to any appropriate third party on your Borrower’s 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 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
All loan disbursements must be entered into our online management system during the month in which the disbursement occurred. IT IS YOUR RESPONSIBILITY TO ENTER ALL DISBURSEMENTS ON TIME. Disbursements made in previous months that are not entered on time can only be entered through National Family Mortgage ® technical support. National Family Mortgage ® shall be entitled to a $50.00 administration fee, PER DISBURSEMENT, for manual entry of each missed disbursement and calculation of accrued interest.