Your Reverse Mortgage Information Brochure Is A Reverse Mortgage Right .

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Your Reverse Mortgage Information BrochureIs a Reverse Mortgage Right for You?Reverse mortgages are aunique type of loan that lets youconvert the accrued equity of your home into usable funds.Home Equity Conversion Mortgages (or HECMs) are a reverse mortgage insured bythe Federal Housing Administration (FHA) under the U.S. Department of Housingand Urban Development. Because HECM reverse mortgages are regulated by thegovernment, they are subject to specific rules and limits, many of which are designedto protect the borrower, such as counseling, financial assessment and more.A Reverse Mortgage Can Be a Golden Opportunity – And Assist With: Healthcare CostsReverse mortgage funds can help you pay for your medical expenses. No Monthly Mortgage PaymentsContinue paying your taxes and insurance and eliminate your monthly mortgagepayments for the life of your loan. Home ImprovementA reverse mortgage can help fund improvements and repairs to your home. Supplemental FundsFind out how a reverse mortgage can supplement your retirement income. Life’s ExtrasWith a reverse mortgage, you can have the funds to enjoy your favorite hobbies. Help for Family MembersA reverse mortgage can provide funds to help with other loved ones’ needs.

What is a Reverse Mortgage?A reverse mortgage enables homeowners 62 & older to convert home equity intotax-free cash without selling their home. A reverse mortgage is a special type ofhome loan that lets you convert a portion of the equity in your home into cash.The equity that you built up over years of making mortgage payments can be paidto you.However, unlike a traditional home equity loan orsecond mortgage, HECM borrowers do not haveto repay the HECM loan until the borrowers nolonger use the home as their principal residenceor fail to meet the obligations of the mortgage.You can also use a HECM to purchase a primaryresidence if you can use cash on hand to pay thedifference between the HECM proceeds and thesales price plus closing costs for the property youare purchasing. You do not give up title to your home. You make no monthly mortgage paymentsif you occupy your home as your primaryresidence, maintain your property, andremain current on the property taxes,homeowner’s insurance and HOA dues. No prepayment penalties. Although the loan is not due and payable until you permanently move out of the home, it can be paid off atany point without prepayment penalties. There is no time limit to how long the homeowner(s) may remain in the property. If one or both homeownersremain in the home as the primary residence and remain current on the property taxes, homeowner’sinsurance and HOA dues, neither you nor your spouse will be required to leave or sell the home. Your home does not need to be free and clear. Elimination of the current mortgage is one of themost common reasons seniors apply for a reverse mortgage. You, or your heirs, retain 100% of the remaining equity upon the sale of the home.

QualificationsThe concept of a reverse mortgage originated in the mid 1960’s.In 1989, recognizing the incredible financial benefits this programoffered, HUD was asked to take control of the program, eliminate someof the risks and insure the loans.To be eligible for a reverse mortgage, borrowers must meet threeessential requirements: Be at least 62 years of age You must have paid off much or all your traditional mortgage. You must live in the home as your primary residence. A reversemortgage cannot be used for a second home or investmentproperty.In addition to the three essential requirements above, you’ll alsohave to meet several other guidelines to qualify for a reversemortgage. The home maintenance must be up-to-date. Afteryou apply for a reverse mortgage, your home will beappraised. During this process, the appraiser willnote any deficiencies in the condition of your homethat require repair. Typical deficiencies identified inan appraisal include: peeling paint, roofing problems,inoperable heating/air-conditioning systems, brokenwindows, missing handrails and inadequate electricalsystems. While most repairs (and all major repairs) willneed to be completed prior to closing, sometimes the lendercan allow a set-aside to help pay for the cost of repairs. Witha set-aside, a portion of your loan proceeds will be held tocover these costs.You must be financially capable of maintaining yourhome. As the homeowner, you will still be responsible forpaying your homeowner’s insurance and real estate taxes andmaking home repairs.The Federal Housing Administration (FHA) requires a financialassessment to determine homeowners’ willingness and capabilityto remain current on their obligations and ensure they qualify.During this assessment, we will review your credit history,analyze your income and compare it with your expenses. Potentialborrowers who come up short financially may be able to setmoney aside from their reverse mortgage to cover those futureexpenses. Your type of home must be eligible. Single family homes andtwo-to-four unit homes qualify if one unit is occupied by theborrower. Condominiums that meet the U.S. Department ofHousing and Urban Development’s FHA approval requirementsalso are eligible.

Home Equity Conversion Mortgage for Home PurchaseDid you know senior borrowers age 62 and older can use a HomeEquity Conversion Mortgage (HECM) to purchase a home? Many seniorborrowers have heard about the benefits of paying off an existingmortgage utilizing a reverse mortgage. However, many are still unawarethat they can also purchase a new home by combining a reversemortgage with a down payment. This enables senior borrowers topurchase a new home without having to worry about making monthlymortgage payments (borrowers must remain current on property taxes,homeowner’s insurance and HOA dues)! The HECM for home purchasealso has minimal income and credit requirements, has many consumersafeguards, is FHA-Insured and HUD regulated!Purchasing a home with a reverse mortgage is very like purchasing ahome with a conventional mortgage.What is the HECM for Purchase (H4P)?A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgageloan that allows homeowners age 62 and older to buy a home using a larger downpayment to build the necessary equity in the home rather than using all theiravailable assets.Purchase a New Home with absolutelyNo Monthly Payments*What is a Home Equity Conversion Mortgage for Purchase (H4P)?The H4P program allows buyers to combine a down payment with loan proceeds topurchase a new home and not make a loan payment* as long you they live in the home.H4P can increase your purchasing power, and make it easier to afford the home youwant. The most important feature of this type of loan is that there is NO personalfinancial liability for the buyer(s), their heirs, or their estate for any loan balance thatexceeds the value of the home when it is being sold to repay the loan.H4P Eligibility Requirements Set by the Federal Government You must be at least 62 years old. (This applies to all co-owners listed on the home’s title) You must have your down payment or “required investment” from an allowable source. While certain restrictionsapply, these are generally funds you have had for at least 90 days or the sale of an asset that you already own. Themost common sources of the down payment money are proceeds from the sale of a current home or money thebuyer has in a checking, savings, CD, retirement or investment account. The home you are buying must be your primary residence and must meet FHA/HUD guidelines. Eligible propertiesare single-family homes and FHA- approved condominiums.

Using the Home Equity Conversion Mortgage (H4P)Home Equity Conversion Mortgages/Reverse Mortgages are normally used by Seniors to remain in their homeswhile drawing money from their home. Seniors age 62 and over buying a home as their primary residence make a down payment and then use a ReverseMortgage to finance the remaining purchase price.No monthly payments are required*; interest accrues on the mortgage over time and balance is paid when thehouse is sold. Just as with a traditional mortgage, any remaining equity at the time of sale goes to the homeowneror his or her estate.Purchasing seniors can typically borrow between 50 and 60 % of the sales price, upto the maximum HECM FHA Lending Limit. Loan to Value is determined by the ageof the youngest borrower.Reverse mortgages are incredibly flexible borrowing tools. Seniors can choose toborrow the maximum allowed at closing or borrow less and leave a portion of theloan in a line of credit for future use. Interest is only charged on the funds drawn likea traditional Home Equity Loan. Money not drawn in the line of credit is guaranteedto grow at the same adjustable interest rate that is being charged on the line ofcredit, even if the home value drops.Seniors that are retired may have trouble meeting the new underwriting requirements for regular mortgages,which are primarily based on income and not assets; while reverse mortgages have much easier income and creditrequirements. A reverse mortgage allows seniors the option buy a different home to better suit their physicalneeds, be closer to family, or move to a warmer climate.Many seniors will use the proceeds from the sale of their previous home or their investments assets to purchasea home. By using a Reverse Mortgage for Purchase to buy a home, seniors can reduce the amount of their downpayment and help maximize funds in their investment accounts.*Borrower is responsible for property taxes, homeowner’s insurance, HOA and property maintenance for the loan to remain in good standing. A HECM is ahome-secured loan that must be repaid upon default or a maturity event, such as when the home is sold, all homeowners have passed away, or the last survivingborrower no longer lives there as their primary residence.

Benefits of a Reverse MortgageThe main advantage of a Reverse Mortgage or HomeEquity Conversion Mortgage (HECM) is that you caneliminate your traditional mortgage payments and/oraccess your home equity while still owning and livingin your home. Given the right set of circumstances, aReverse Mortgage/Home Equity Conversion Mortgage(HECM) can be an ideal way to increase your spendingpower and financial security in retirementKey advantages and benefits of a Reverse Mortgage/Home Equity Conversion Mortgage (HECM) include:- Not Solely Based on Credit Score or IncomeOne of the most advantageous benefits of a ReverseMortgage/Home Equity Conversion Mortgage(HECM) is that there are limited income and creditscore requirements. Under the New FinancialAssessment Rules, you will need to demonstrate acapacity to continue paying taxes and insuranceon the home.- FlexibilityThe Reverse Mortgage/Home Equity ConversionMortgage (HECM) is a tremendously flexibleproduct that can be utilized in a variety of waysfor a variety of different types of borrowers.Households who have a financial need can tailorthe product to de stress their finances. Householdswith adequate resources might consider theproduct as a financial planning tool. HOA dues) and– in many cases – you can also get access to moneyto use for any purpose.- No DownsideWith a Reverse Mortgage/Home Equity ConversionMortgage (HECM), you will never owe more thanyour home’s value at the time the loan is repaid,even if the Reverse Mortgage/Home EquityConversion Mortgage (HECM) lenders have paidyou more money than the value of the home. Thisis a particularly useful advantage if you securea Reverse Mortgage/Home Equity ConversionMortgage (HECM) and then home price declines.typically tax-free, whether you receive it as fixedincome or in a lump sum.

- Low Risk of DefaultUnlike a home equity loan, with aReverse Mortgage/Home Equity ConversionMortgage (HECM) your home can not be takenfrom you for reasons of non-payment – there areno payments on the loan until you permanentlyleave the home. However, you must continue to payfor upkeep and taxes and insurance on your home.- No DownsideWith a Reverse Mortgage/Home Equity ConversionMortgage (HECM), you will never owe more thanyour home’s value at the time the loan is repaid,even if the Reverse Mortgage/Home EquityConversion Mortgage (HECM) lenders have paidyou more money than the value of the home. Thisis a particularly useful advantage if you securea Reverse Mortgage/Home Equity ConversionMortgage (HECM) and then home price declines.typically tax-free, whether you receive it as fixedincome or in a lump sum.- No RestrictionsHow you use the funds from a Reverse Mortgage/Home Equity Conversion Mortgage (HECM) is up toyou – go traveling, get a hearing aid, purchase longterm care insurance, pay for your children’s collegeeducation, or simply leave it sitting for a rainy day– anything goes.- Flexible Payment OptionsDepending on the type of loan you choose, youcan receive the Reverse Mortgage/Home EquityConversion Mortgage (HECM) loan money in theform of a lump sum, monthly payments, credit lineor some combination of the above.- Home OwnershipWith a Reverse Mortgage/Home Equity ConversionMortgage (HECM), you retain home ownership andthe ability to live in your home. As such you are stillrequired to keep up insurance, property taxes andmaintenance for your home.- Federally InsuredThe Home Equity Conversion Mortgages (HECM) ismanaged by the Department of Housing and UrbanAffairs and is federally insured. This is importantsince even if your Reverse Mortgage/Home EquityConversion Mortgage (HECM) lender defaults,you’ll still receive your payments.- Can Preserve Your WealthDepending on your circumstances, there are avariety of ways that a Reverse Mortgage/HomeEquity Conversion Mortgage (HECM) can help youpreserve your wealth. Some financial planners arerecommending Reverse Mortgage or Home EquityConversion Mortgages (HECMs) to: Preserve and increase the value of yourhome equityIf you take your loan amount as a Home EquityLine of Credit, then this Reverse Mortgage/HomeEquity Conversion Mortgage (HECM) Line ofCredit grows annually. This locks in your currenthome value, and your Reverse Mortgage/HomeEquity Conversion Mortgage (HECM) line ofcredit over time might be larger than future realestate values if the market goes down.Maximize wealthPersonal finance can be complicated. You wantto maximize returns and minimize losses. AReverse Mortgage/Home Equity ConversionMortgage (HECM) can be one of the levers youuse to maximize your overall wealth.

Reverse Mortgage ProcessLearn how reverse mortgages work, requirements and the easy process to start a reverse mortgage/Home Equity Conversion Mortgage (HECM).1Reverse Mortgage Awareness2Reverse Mortgage Action3Homeowner learns about the ReverseMortgage program.Homeowner can seek additional informationand documentation by contacting their LocalLender or Reverse Mortgage loanofficer, HUD, Fannie Mae, AARP,NCOA (National Counsel of Aging)or the National Center for HomeEquity Conversion.Reverse MortgageCounselingHomeowner seeks counselingfrom a local HUD-approvedcounseling agency, or a nationalcounseling agency, such as AARP,National Foundation for CreditCounseling, or Money ManagementInternational. Counseling is requiredfor all reverse mortgages and may beconducted face-to-face or by phone.By law, a counselor must review(i) options, other than a reversemortgage, that are available to theprospective borrower, includinghousing, social services, health andfinancial alternatives; (ii) otherhome equity conversion optionsthat are or may become availableto the prospective borrower, suchas property tax deferral programs;(iii) the financial implications ofentering into a reverse mortgage; and, (iv) the taxconsequences affecting the prospective borrower’seligibility under state or federal programs and theimpact on the estate or his or her heirs.4Reverse Mortgage ApplicationHomeowner fills out loan application and selectspayment option: fixed monthly payments, lumpsum payment, line of credit, or a combination ofthese. Lender discloses to homeowner the estimatedtotal cost of the loan, as required by the federalTruth in Lending Act. Lender collects moneyfor home appraisal. Homeowner provides lenderwith required information, including photo ID,verification of Social Security number, copy of deedto home, information on any existing mortgage(s)on property, and counseling certificate.5Reverse Mortgage Processing6Reverse Mortgage Closing7Reverse MortgageDisbursementReverse Mortgage Lender ordersappraisal, title work, lien payoffs,etc. An appraiser comes to your home.The appraiser assigns a value to the homeand determines the physical conditionof the property. If the appraiser uncoversstructural defects that require repair, thehomeowner must hire a contractor tocomplete the repairs after the ReverseMortgage closes.Following approval, closing(signing) of loan is scheduled.Closing papers and exact figures areprepared. Closing costs are normallyfinanced as part of the loan.Homeowner has three businessdays after signing papers in which tocancel the loan. Upon expiration of thisperiod, the loan funds are disbursed.Homeowner accesses the funds in theform of the payment option selected.Any existing debt on the home is paid off. A newlien is placed on the home. The homeowner mayuse the loan proceeds for any purpose. Duringthe life of the loan, the loan “servicer” disbursesmonthly payments to the homeowner (if thisoption is chosen), advances line of credit fundsupon request, collects any repayments on the lineof credit, and sends periodic statements.

Reverse Mortgage FAQsThe Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program,which enables you to withdraw some of the equity in your home. The HECM is asafe plan that can give older Americans greater financial security. Many seniors useit to supplement Social Security, meet unexpected medical expenses, make homeimprovements and more.1. What is a Reverse Mortgage?A reverse mortgage is a special type of home loanthat lets you convert a portion of the equity in yourhome into cash. The equity that you built up overyears of making mortgage payments can be paidto you. However, unlike a traditional home equityloan or second mortgage, HECM borrowers do nothave to repay the HECM loan until the borrowersno longer use the home as their principal residenceor fail to meet the obligations of the mortgage.You can also use a HECM to purchase a primaryresidence if you can use cash on hand to pay thedifference between the HECM proceeds and thesales price plus closing costs for the property youare purchasing.2. Can I qualify for FHA’s HECM ReverseMortgage?To be eligible for a FHA HECM, the FHA requiresthat you be a homeowner 62 years of age or older,own your home outright, or have a low mortgagebalance that can be paid off at closing with proceedsfrom the reverse loan, have the financial resourcesto pay ongoing property charges including taxes andinsurance, and you must live in the home. You arealso required to receive consumer information freeor at very low cost from a HECM counselor prior toobtaining the loan.3. Can I apply for a HECM even if I did not buymy present house with FHA insured mortgage?Yes. You may apply for a HECM regardless ofwhether you purchased your home with an FHAinsured mortgage.4. What types of homes are eligible?To be eligible for the FHA HECM, your home mustbe a single-family home or a 2-4-unit home withone unit occupied by the borrower. HUD-approvedcondominiums and manufactured homes that meetFHA requirements are also eligible.5. What are the differences between a reversemortgage and a home equity loan?With a second mortgage, or a home equity line ofcredit, borrowers must make monthly payments onthe principal and interest. A reverse mortgage isdifferent, because it pays you – there are no monthlyprincipal and interest payments. With a reversemortgage, you are required to pay real estate taxes,utilities, and hazard and flood insurance premiums.

6. Will we have an estate to leave our heirs?When the home is sold or no longer used as aprimary residence, the cash, interest, and otherHECM finance charges must be repaid. Allproceeds beyond the amount owed belong to yourspouse or estate. This means any remaining equitycan be transferred to heirs. No debt is passedalong to the estate or heirs.7. How much money can I get from my home?The amount varies by borrower and depends on: Age of the youngest borrower ornon-borrowing spouse Current interest rate Initial Mortgage Insurance Premium Lesser of appraised value or the maximumHECM FHA Lending Limit or, in the case of aHECM for Purchase, the sales price;If there is more than one borrower, the age ofthe youngest borrower is used to determine theamount you can borrow.8. Should I use an estate planning service tofind a reverse mortgage lender?FHA does NOT recommend using any service thatcharges a fee for referring a borrower to an FHAapproved lender.9. How do I receive my payments?For adjustable interest rate mortgages, you canselect one of the following payment plans: Tenure- equal monthly payments if at leastone borrower lives and continues to occupy theproperty as a principal residence. Term- equal monthly payments for a fixedperiod of months selected. Line of Credit- unscheduled payments or ininstallments, at times and in an amount of yourchoosing until the line of credit is exhausted. Modified Tenure- combination of line of creditand scheduled monthly payments for if you remainin the home. Modified Term- combination of line of creditplus monthly payments for a fixed period ofmonths selected by the borrower. For fixedinterest rate mortgages, you will receive the SingleDisbursement Lump Sum payment plan. Single Disbursement Lump Sum - a single lumpsum disbursement at mortgage closing.10. What if I change my mind and no longerwant the loan after I go to closing?By law, you have three calendar days to changeyour mind and cancel the loan. This is calleda three day right of rescission. The process ofcanceling the loan should be explained at loanclosing. Be sure to ask the lender for instructionson this process. Mortgage lenders differ in theprocess of canceling a loan. You should ask for thenames of the appropriate people, phone numbers,fax numbers, addresses, or written instructionson whatever process the company has in place.In most cases, the right of rescission will not beapplicable to HECM for purchase transactions.

Reverse Mortgage MythsThese are explanations to common misconceptions about reverse mortgages. See if a reverse mortgage – anapproved FHA program – is right for you.MYTH:“A reverse mortgage is like a homeequity loan.”FACT:A home equity loan will require thatyou make regular monthly payments,whereas a reverse mortgage loan does not requiremonthly mortgage payments (borrowers mustremain current on taxes, homeowner’s insuranceand HOA dues as applicable).MYTH:“I could get forced out of my home ifsomething goes wrong.”FACT:FHA/HUD reverse mortgages specificallystate that you cannot be forced out of yourhome. The only requirements of a reverse mortgageare that you continue to keep your home as yourprimary residence, in a good state of repair, withproperty taxes paid and insurance coverage in place.MYTH:“The bank will assume ownership ofmy home if I get a reverse mortgage.”FACT:The borrower retains title to the property.The reverse mortgage lender is merelyextending a loan to the borrower secured by thehome / property. Because ownership of the home isretained, the borrower is responsible for the paymentof property taxes, insurance and home maintenance.MYTH:FACT:“Having a reverse mortgage willrequire I make monthly payments.”You are not required to make monthlymortgage payments on your reversemortgage (borrowers must remain current onproperty taxes, homeowner’s insurance and HOAdues as applicable).MYTH:“I can’t qualify if I have an existingmortgage or other real estate debt.”FACT:Even if you have an outstanding firstmortgage, or some other real estateliens (i.e. a home equity loan, tax lien, etc.), you stillmay qualify for a reverse mortgage. The proceeds ofthe reverse mortgage must first be used to pay off suchdebts however. This is a significant benefit as manyborrowers use a reverse mortgage loan simply toeliminate their mortgage or home equity loan payments.MYTH:“With a reverse mortgage, my heirswon’t be able to inherit my home.”FACT:Borrowers can leave their home totheir heirs. When the borrowers passaway, the heirs may either pay the balance due onthe reverse mortgage (principal plus accumulatedinterest and MIP) and keep the home, or sell thehome and use the proceeds to pay off the reversemortgage. If they sell the home, any remainingequity after the reverse mortgage is repaid is theirsto keep.MYTH:“A reverse mortgage will affect myMedicare and Social Security benefits.”FACT:Reverse mortgage payments shouldnot affect Medicare or Social Securitybenefits. Additionally, reverse mortgage paymentsshould not affect Social Security Income (SSI)benefits or eligibility if any reverse mortgageadvances are spent within the month they arereceived (Consult your Social Security, Medicare orother financial advisor to determine how reversemortgage payments may affect your situation).Larry D. Bass, NMLS #382167 Mortgage Broker303-944-2277 ilyReverseMortgage.com42 E. Burgundy Street Highlands Ranch, CO 80126Family Reverse Mortgage NMLS #382938This material is not from HUD or FHA and the document is not approved by the Department of HUD or any Government Agency. HUD does not approve the material presented. Thismaterial/presentation is intended as educational and informational only. This does not constitute an offer to lend or to recommend available products. Family Reverse Mortgageis not endorsed by nor acting on behalf of or at the direction of the US Department of Housing and Urban Development, the Federal Housing Administration, the US Departmentof Agriculture or the Federal Government. Copyright 2020 Family Reverse Mortgage NMLS #382938 CA: Licensed by the Department of Business Oversight under the CaliforniaResidential Mortgage Lending Act, License #4130289; IL: Illinois Residential Mortgage Licensee LMB #0005759.; KS: Kansas Licensed Mortgage Company, License SL-0000472; MN: Thisis not an offer to enter into an agreement. Any such offer may only be made in accordance with Minn. Stat. 47.206(3) & (4); NV: NV Mortgage Banker License #4195, NV MortgageBroker License #4196; OR: License Number ML-4807. To check the license status of your mortgage broker, visit www.nmlsconsumeraccess.org.

A reverse mortgage allows seniors the option buy a different home to better suit their physical needs, be closer to family, or move to a warmer climate. Many seniors will use the proceeds from the sale of their previous home or their investments assets to purchase a home. By using a Reverse Mortgage for Purchase to buy a home, seniors can .

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