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Reverse mortgage loan terms require the borrower(s) to occupy the home as the primary residence, pay for the maintenance and upkeep of the home, pay property taxes, homeowner’s insurance, and homeowner’s association dues, and comply with the terms within the loan documents; otherwise, the loan becomes due and payable and can result in the loss of the home. Although property costs may be substantial, the lender does not establish an escrow account for certain recurring property charge payments, such as taxes and insurance. However, a set-aside account may be set up for those charges, and in some cases may be required based on a financial assessment. Not all interests on a reverse mortgage is tax-deductible, and to the extent that it is, such deduction is not available until the loan is partially or fully repaid.

Premier Reverse Mortgage (PRM) charges an origination fee, mortgage insurance premium (where required by HUD), and closing costs rolled into the balance of the loan. PRM charges interest on the balance, which grows over time. When the last borrower or eligible non-borrowing spouse dies, sells the home, permanently moves out, or fails to comply with the loan terms, the loan becomes due and payable (and the property may become subject to foreclosure). When this happens, some or all of the equity in the property no longer belongs to the borrowers, who may need to sell the home or otherwise repay the loan balance.

PRM does not hold itself out as providing any legal, financial or other advice. PRM also does not make any recommendation or endorsement as to any investment, advisor or other service or product or to any material submitted by third parties or linked to this website.  The products and services mentioned on this website may not be suitable for you. If you have any doubts you should contact an independent financial advisor. The material on this website does not constitute advice and you should not rely on any material in this website to make (or refrain from making) any decision or take (or refrain from taking) any action.

The information and services provided by the PRM website does not constitute financial, investment or tax advice. The website is intended to provide general informational purposes only and does not attempt to give you advice that relates to your specific circumstances. You are advised to discuss your specific requirements with an independent financial adviser. While we try to make the website as comprehensive as possible, the information on financial products and services provided by the website may not include all products and services that are available on the market.

While we take reasonable care to ensure that the information on the website is accurate and up to date, PRM does not warrant that it is. If you intend to act on any information on the website you should first confirm the details of the product or service (including costs and key features) with the product provider. We shall not be liable for any loss, damages, costs, claims or expenses whatsoever arising from the acts, errors or omissions of third parties, the accuracy or completeness of the website or content, your use of the website and content otherwise than in accordance with these Terms of Use.

The website is specifically designed for use in the United States only and the information on it relates to products and services marketed to residents of the United States only. You must not use the website in countries where its use is restricted or prohibited by local laws, regulations, codes or customs. We recommend that non US residents should refer to a source of financial information within their own country.

The material on our sites is provided as is. This means that PRM disclaims all express and implied warranties about the material in the sites. This includes, but is not limited to, warranties that: (1) the material is of any particular level of quality or is fit for a particular purpose; (2) that the functional elements contained in the materials will be uninterrupted or error-free; (3) that defects will be corrected; (4) that our site, or the server hosting it, is free of computer viruses or other harmful components or conditions; or (5) that information contained on the site is accurate as of any particular date.