Effective Date: July 20, 2021
If you do not agree to these Terms, you do not have the right to access or use our service. If you do register for, or otherwise use our service, you shall be deemed to confirm your acceptance of the Terms and your agreement to be a party to this binding contract.
Purpose of the Application
RapidReverse is an educational tool that estimates principal limits and net principal limits for the most popular U.S. reverse mortgage product – the FHA insured Home Equity Conversion Mortgage (HECM).
Limitations of the Application
RapidReverse is offered for educational purposes only and is not from HUD or FHA and is not approved by HUD or any government agency.
RapidReverse does not provide a note rate, interest rate, or final loan amount, and is not an offer or commitment to lend.
RapidReverse, by design, does not ask for any personally identifiable information. The data created by this Application also is not stored within RapidReverse in any way. Any user that relies on the data and reports generated by the Application for selling reverse mortgage loans or other financial services must follow any applicable state and federal laws governing loan origination and the handling of personally identifiable information.
Primary use of the Application
This easy-to-use tool estimates a borrower’s principal limit and net principal limit for a reverse mortgage refinance as well as the estimated required investment for a reverse purchase transaction. This is to be used by loan originators, real estate professionals, financial planners, and other financial services professionals who wish to understand the basics of reverse mortgages and estimated proceeds they may create.
User is given a non-transferable license to install and use the Application on any Apple-branded Products as permitted by the Usage Rules and the App Store Terms of Service.
User may not reverse engineer, translate, disassemble, integrate, decompile, integrate, remove, modify, combine, create derivative works or updates of, adapt, or attempt to derive the source code of the Application, or any part thereof.
User may not copy or alter the Application or remove any intellectual property notices.
Violations of the Usage Rules, as well as the attempt of such infringement, may be subject to prosecution and damages.
RapidReverse reserves the right to change the terms, conditions of licensing, and notices under which the Application is offered.
The Company will attempt to keep the Application updated so that it complies with modified/new versions of the firmware and new hardware.
It is the user’s responsibility to confirm that the device on which they intend to use the Application satisfies any technical specifications.
The Company reserves the right to modify the technical specifications as it sees appropriate at any time.
RapidReverse takes no accountability or responsibility for any damage caused by a breach of duties according to the Scope of License of this Agreement.
RapidReverse and accompanying websites are presented solely for educational purposes. While best efforts have been used in preparing this information, RapidReverse makes no representations or warranties of any kind and assumes no liabilities of any kind with respect to the accuracy or completeness of the contents and specifically disclaims any implied warranties of merchantability or fitness of use for a particular purpose. RapidReverse shall not be held liable or responsible to any person or entity with respect to any loss or incidental or consequential damages caused, or alleged to have been caused, directly or indirectly, by the information or programs contained herein.
Every lending institution and borrower scenario is unique, and a reverse mortgage may not be suitable for your situation. Borrowers should always seek the services of a professional before obtaining any financial product or service.
The contents contained in the Application are not from HUD or FHA and was not approved by HUD or any government agency.