Rebrand – answers to frequently asked questions


Reverse Mortgage Loans are designed to support homeowners aged 62 or older to convert a portion of their home equity into cash, either as a lump sum, a line of credit, or monthly payments, without the need to sell their home. These loans are repaid when the homeowner sells the home, moves out, or passes away, with the loan balance typically being paid off from the proceeds of the home sale. CMF provides comprehensive support throughout the loan application process, ensuring borrowers understand the eligibility requirements and take advantage of the financial benefits associated with this government-backed program.

Loan features

1If approved, a Reverse Mortgage pays off your existing mortgage(s) without requiring monthly payments. Borrowers must pay property taxes, homeowner’s insurance, and ongoing maintenance. No escrow account is established for these payments. The home must be occupied as a primary residence, or the loan becomes due. The loan is also due when the last borrower or eligible non-borrowing surviving spouse dies, sells, moves out permanently, or breaches loan terms. A Reverse Mortgage increases your loan amount and reduces home equity (negative amortization). These materials are not from HUD or FHA and lack government approval. Counseling by a HUD-approved counselor is mandatory.

Community Mortgage Funding (CMF) NMLS #266418 is our credit union owned mortgage company. AZ, CA, CO, FL, ID, IL, KS, MI, MN, NV, NJ, OH, OK, OR, PA, TX and WA. CMF state licensing.