What You Should Know About Servicing - After the Loan Has Been Completed
Once your loan has been completed, you will begin receiving a monthly statement. This will recap your Loan Balance and growth, Line of Credit balance and growth (if you have one), monthly payments to you (if used) and interest and fees charged.
Most people assume that is automated and pretty easy. And that part of it is. But there is more to the department that sends those statements to you. Among other things, they take your phone calls with any questions you may have, verify you still occupy the home as your primary residence once a year, make payment plan changes at your request and work with your heirs once you've passed away.
Actually, there are a large number of details this department handles for you and HUD and you should probably know what they are. NRMLA (National Reverse Mortgage Lenders Association) has a great article on their website (Written by Ryan LaRose, President and Chief Operating Office at Celink, Lansing, MI. Celink is subcontracted to do the servicing for many top Reverse Mortgage companies.) It is located here -