HIGHTECHLENDING INC NMLS #7147 (www.nmlsconsumeraccess.org): HightTechLending Inc is headquartered at 2030 Main St. #500 Irvine, CA 92614. Licensed by the Department of Financial Protection and Innovation under the California Residential Lending Act. #4130937.
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
REVERSE MORTGAGE DISCLOSURE
A reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). HIGHTECHLENDING INC works with other lenders and financial institutions that offer reverse mortgages. To process your request for a reverse mortgage, HIGHTECHLENDING INC may forward your contact information to such lenders for your consideration of reverse mortgage programs that they offer.
When the loan is due and payable, some or all of the equity in the property no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. HIGHTECHLENDING INC charges an origination fee, mortgage insurance premium, closing costs, and servicing fees (added to the balance of the loan). The balance of the loan grows over time and HIGHTECHLENDING INC charges interest on the balance. Interest is not tax-deductible until the loan is partially or fully repaid.
Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy the home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms.
(1) At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds;
(2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees;
(3) the loan balance grows over time and interest is charged on the outstanding balance;
(4) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and
(5) interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full repayment.