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 Repaying Reverse MortgagesWhat Are the Borrower’s Responsibilities?The payment you receive from your reverse mortgage lender is part of a mortgage loan that you must pay back. However, repaying a reverse mortgage does not have to be done immediately. You won’t have to pay back the loan for as long as you stay in and maintain your home. If you no longer live in the home as your primary residence or you pass away, the loan must then be repaid. If you default on the loan by not paying your property taxes or homeowner's insurance, or if the property conditions deteriorate and the necessary repairs are not made, the loan also becomes due. The amount owed at that time will be equal to the total amount of the cash advances you’ve received, as well as the accrued interest on those advances. If your heirs want to keep the home, they must repay the outstanding loan balance, including the interest and any other fees. They can also choose to sell the home and repay the loan. Any remaining equity in the home after the sale of the home belongs to your heirs or your estate. Reverse mortgages are non-recourse loans, which means if you or your heirs decide to sell the house, and the house value has dropped below the loan balance, you will never have to pay more than the home’s value.  
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Generation Mortgage Company | A Reverse Mortgage Company for Seniors 62 and Over
NMLS #1319;
Corporate Office: 3565 Piedmont Rd, NE, 3 Piedmont Center, Ste 300, Atlanta, GA 30305; Arizona Mortgage Banker License #0909296, 2190 N. 77th Street, Scottsdale, AZ 85255; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; Colorado, To check the license status of your mortgage loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Georgia Residential Mortgage Licensee #22292, Generation Mortgage Company, 3565 Piedmont Rd, NE, 3 Piedmont Ctr, Ste 300, Atlanta, GA 30305; Illinois Residential Mortgage Licensee #MB.6760368; Kansas Licensed Mortgage Company #MC.0001660; Massachusetts Mortgage Lender-ML3240; Licensed by the Mississippi Department of Banking & Consumer Finance; Nevada #2970, 907 Tahoe Blvd, Ste 2, Incline Village, NV 89451, Phone # 775-831-0161; Licensed by the New Hampshire Banking Department as Generation Mortgage Company d/b/a Generation Mortgage Company, Inc; Licensed by the N.J. Department of Banking and Insurance, 51 JFK Parkway, Ste 114, First Floor West, Short Hills, NJ 07078, Phone #973-218-2418; Licensed Mortgage Banker- NYS Department of Financial Services; Oregon License #ML-4445, Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender;
TEXAS: COMPLAINTS REGARDING A LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORTexas-Full Consumer Complaint and Recovery Fund Notice
Figure: 7 TAC § 81.200(c)
"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 BOR ROWERS 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."
SHOULD BE SENT TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. Licensed by the Virginia State Corporation Commission #MC-4832; Washington #CL-1319; Also conducts business in AL, AR, DC, DE, FL, HI, IA, ID, IN, KY, LA, MD, ME, MI, MN, MT, NC, ND, NE, NM, OH, OK, SC, SD, TN (License #3543), UT, VT, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. Some people portrayed are professional models. ©2013 Generation Mortgage Company. All Rights Reserved.1/2013