How to Read a HECM Reverse Mortgage Statement

If you have a HECM Reverse Mortgage you’ve likely discovered how confusing your monthly HECM Reverse Mortgage statement can be. Likewise, you’ve probably had the frustrating experience of calling your lender’s customer service number to get no help at all.
This video tutorial goes through the three most common HECM Reverse Mortgage Statements to help you decode your Reverse Mortgage Statement.
If you have any other questions feel free to reach out to me personally for help.
Trevor Carlson
435-359-9000
[e-mail]
Trevor's NMLS # 267962
Heritage's NMLS #1497455 Equal Housing Lender
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[@mferro13]

Thank you so much for putting out this guide. Very helpful!

[@susankinsey2998]

what does it mean "she got older so her growth of principal increased?" I don't understand. Is that her mortgage being added each month? I need more clairty of what "growth of principal limit" with my mother's statement. Thanks

[@thehecmguru1]

It means that the older the homeowner is the more equity they are allowed to borrow from their home. The initial Percentage allowed is set at closing. After closing it grows automatically based on the interest rate associated with the loan. Susan, let me know if you'd like me to walk through your mom's statement with you personally. you can email or call me, I'm happy to help. [e-mail] or 435 465 2882