Reverse Mortgage Guide

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All Reverse Mortgage, inc.Information GuideExplore the ManyAdvantagesof a Reverse Mortgage 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999 1

Table of contentsIn this guide, you will find information about reverse mortgages from All Reverse Mortgage, Inc.It will help you make an informed decision as to whether one of our reverse mortgage products isthe right financial solution for you. If you have any questions, please contact your reverse mortgageloan officer, who will be happy to provide you with additional information.Trusted Lender. 3All Reverse Mortgage, Inc. – The lender you can trustIntroduction. 4Introducing our reverse mortgage productsEligibility & Proceeds. 5Find out if you’re eligible and how you could use your loan proceedsDetails & Responsibilities. 6Reverse mortgage loan factors and access optionsYour responsibilities as a borrowerLoan Maturity. 8Understanding loan maturity and repaymentFees. 10Fees associated with a reverse mortgageThings to Consider. 12Is a reverse mortgage right for you?Loan Application Process. 14Understanding the loan processQ & A. 16Questions & answersGlossary of Terms. 18General terms2 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999

your stable and trusted lenderAt All Reverse Mortgage, we’re leading theway by providing the best possible financingoptions to suit your needs. We believe thatthis loan is all about you and your needs - notthe desires of the lender. Our job is to give youthe facts so that you can make an educateddecision about the program that best suitsyour needs and meets your goals.Our promiseIndustry-leading expertise froma reverse mortgage loan officer:At All Reverse Mortgage, the only loan programwe work with is the reverse mortgage. So whenyou work with an expert at All Reverse, you’reworking with someone who only works withreverse mortgages, it’s not just one of morethan a dozen loan programs that person workswith and tries to represent. We belong to theNational Reverse Mortgage Lenders Association(NRMLA) and adhere to their highest standardsfor lenders because we believe it’s good for ourindustry and right for our customers.Introduction & Trusted LenderAll Reverse Mortgage –Personalized solutions for our customersWe realize that you have unique needs, whichis why we’re committed to helping you find theright solutions, and we realize that won’t alwaysbe a reverse mortgage. We don’t believe areverse mortgage is right for all homeowners sowe do not try to "pressure" borrowers and youwill never be subjected to high-pressure salestactics working with All Reverse Mortgage. Welook forward to helping you get the most out ofyour home and your retirement years.Consistently high ratings from pastcustomers verify our commitmentWhile we are approved in many statesthroughout the country, our goal is not tobe the biggest lender in the industry - just thebest in the eyes or our customers. By givingcustomers honest answers, top level serviceand the best possible rates and prices available,we set out to earn our customers business everyday. We don’t engage is large "celebrity based"advertising campaigns and prefer to pass thatsavings on to YOU!" I want to extend a very special thanks for the superior service I received.verycourteous, professional and efficient. Your comment 'We will take great care of you'was not only reassuring at the time, but proved to be true. I am delighted."– Pearl 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999 3

Introducing our reversemortgage productsA secure way for senior homeowners toenjoy the comfort of home and financialindependence for years to come.A ccess a portion of your available homeequity whenever you need it and use itin a variety of ways.1A reverse mortgage is a loan that allows you toC ontinue to live in your home with noaccess a portion of the available equity in yourmonthly mortgage payments.home. The proceeds from the loan may betax-free (not intended to be tax advice, pleaseR etain the title to your home.2consult a tax advisor, payment of property taxesF inance most of the loan’s fees so thereis still required), and you can spend them on theare minimal out-of-pocket expenses.things you need. One of the benefits of a reverseC hoose how you want to receive yourmortgage is that you can continue to live in yourloan proceeds: lump sum, monthlyhome with no monthly mortgage payments.installments, a line of credit or acombination of these options.Here’s a flexible solution that helps youA ccess additional loan proceeds withhomeowners age 62 and older,* a reversevaries by product).enjoy a stable retirement. Designed foran annual credit-line increase (amountmortgage lets you:B uy a new home.* There are provisions for married couples when one spouse is over the age of 62 and the other is not in most states.We invite you to read this guide and then please contact yourAll Reverse Mortgage, Inc. loan officer for more information.4 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999

Find out if you’re eligibleand how you could useyour loan proceedsWith a reverse mortgage, you can.but they give lenders a number of ways toof everyday expensesmeet qualification requirements. Loan approvalA reverse mortgage is designed to give you theis determined by several factors. To be eligible:freedom to use the loan proceeds for the thingsqualify for the loan. All borrowers must be titleholders and ageeliminate debt and help take careyou need – it’s your decision.62 or older (spouses under 62 in Pay off an existing mortgagemost states are now also protected –or other debts.ask your Loan Officer). Cover medical care, prescriptions andY ou must have equity in your home.long-term care expenses.G enerally, the home must be paid off Purchase a new homeor have a very strong equity position(down payment required).(the younger you are, the more equity Modify your home for better need). Existing loans must be paidin full with reverse mortgage proceeds Make home improvements and repairs.or with another acceptable source of Help family members in need.Eligibility & ProceedsHud Requires borrowers tocash at your disposal.Y our home must be a single-family home,a 2– 4-unit home, a condominium, aplanned unit development (PUD) or amodular home. Manufactured homes areeligible in some circumstances. Mobilehomes are not eligible." They saved us time, money and frustration by getting us through the requiredcounseling and closing process without a hitch."– Jerry L. 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999 5

Reverse mortgage loanfactors and access optionsLoan amountChoose from several access optionsThe amount you receiveWith a reverse mortgage, you’ll have theis based on these factors:flexibility to choose from one or a combinationof these convenient options:FACTORGENERAL GUIDELINESACCESS OPTIONGENERAL GUIDELINESAge of borrower(s) Greater loan amountsLump sumImmediately withdrawAppraisedhome valuemay be available forall or part of yourolder borrower(s).available credit up tomay be available forhigher value homes.Interest RatesHUD-allowable limits.Greater loan amountsMonthlyinstallmentsinstallments in theamount you choose.Greater loan amountsmay be available withReceive regular cashLine of creditlower interest rates.Withdraw from your lineof credit when you needit. For any withdrawal,you can draw as littleor as much as you wantwithin your credit limit– again, subject to HUDpayout criteria.How do you get your funds?Proceeds Electronically Transferred to your accountNo more checks that you wait for the mail and then wait again for your bank to clear them after theyarrive. Your funds are sent by wire directly to your account and there are no delays or holds placedon your funds – they are there for you when you want them.6 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999

Your responsibilities as a borrowerWhen you get a reverse mortgage from All Reverse Mortgage, you still own your home. Thismeans you must continue to pay real-estate taxes and maintain an acceptable amount of propertyinsurance, including flood insurance where necessary. Additionally, you are responsible for thegeneral maintenance and upkeep of your home. If you wish, you can pay for these expenseswith loan proceeds from your reverse mortgage.Potential effect on taxes, insurance and government aidA reverse mortgage may affect your tax status and/or your eligibility for government aid programs.Also, your eligibility to participate in any real estate tax deferral program offered by your city orcounty may be affected.This table shows how a reverse mortgage affects certain taxes and aid programs. For additionalinformation about your specific situation, we recommend contacting a tax professional or aHUD-approved counselor and government benefit administrative offices.When you get a reverse mortgage, you still own your home and are responsiblefor all property-tax payments. You may use the proceeds from a reversemortgage to help make these payments. It is very important that you keepyour taxes current because the loan may become due if they are not paid.Government aidprogramsReverse mortgages do not affect entitlement programs such as Medicare.However, certain need-based government aid programs, such asSupplemental Security Income (SSI) and Medicaid, may be affected (especiallyif proceeds are allowed to accumulate in bank accounts). We recommend thatDetails & ResponsibilitiesProperty taxesyou consult your Medicare, Social Security or Medicaid program administratorto determine the specific rules.InsuranceSince you own your home, you continue to be responsible for maintainingan acceptable amount of property insurance, including flood insurancewhere necessary." Thank you so much for your courtesy, experience and knowledge. You definitelymade what could be a stressful experience very simple and clear."– Judith 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999 7

Understanding loanmaturity and repaymentCircumstances that could cause your loan to become dueWith a reverse mortgage from All Reverse Mortgage, you do not have to make monthly mortgagepayments as long as you live in your home. Your loan remains active as long as you live in the homeas your primary residence, retain the title to your property, and do not reside elsewhere for 12consecutive months. You must maintain your home in good condition and continue to pay ongoingproperty insurance premiums and all applicable property taxes or assessments, including homeowners’association charges. In the event these and other conditions are not met, it may cause your loan tobecome due and payable in full.Loan amount owedWhen the loan balance becomes due and payable, your home may be re-appraised to determine itscurrent market value. Based on the appraised market value and the outstanding loan balance,a few customer scenarios are possible and featured on page 9.8 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999

You or your heirs decide to sell the homeYou or your heirs decide to keep the homeScenario 1Scenario 2If the loan balance is less than the appraisedIf the loan balance is greater than the appraisedhome value or sale price, you or your heirshome value, you or your heirs will only oweonly owe the loan balance. As a result, you orthe appraised home value or all proceedsyour heirs keep the difference between the salefrom the sale.price and the loan balance, less sales costs.Consider this example:Consider this example:When Pat gets a reverse mortgage fromWhen Sandra gets a reverse mortgage fromAll Reverse, her home is appraised at 200,000,All Reverse, her home is appraised at 300,000,and she is eligible to receive 100,000. Afterand she is eligible to receive 150,000. Aftermany years, Pat passes away. At this time, hermany years, Sandra decides to sell her home.home is appraised and sold at 215,000. BasedAt this time, her home is appraised at 350,000.on her withdrawals and accrued interest, herBased on her withdrawals and accrued interest,loan balance is now 225,000. Pat’s heirs sellthe loan balance is 250,000. Sandra sells thethe home for 215,000 and pay off the loan.home for 350,000 and is only responsible forNothing more is due. Or perhaps Pat’s heirspaying the loan balance of 250,000. Shedecide they do not want to sell the home underkeeps the remaining proceeds of 100,000these circumstances. They can walk away with no(calculated as the sale price of 350,000obligation because the loan is a “non-recourseminus the current loan balance of 250,000),loan” and they will owe nothing. But there is alsoless sales costs. Sandra has had to make noa twist here, suppose the heirs want to keep themortgage payments during this time.home when more is owed than it is worth? Theycan also choose to pay off the existing loan atjust 95% of the current market value and keepthe home, even though that amount is less thanwhat is owed.If, however, you or your heirs decide to keep the home and want to pay off the loan prior to the passingof the last owner on the loan, there is no provision for a payoff or less than the full amount owed.Two basic ways you can pay off your loan balanceS elling the home and using the proceeds from the sale. Note that a sale price of less than the U sing other sources of funding, including checking and savings accounts, investments andbrokerage funds, sale of real-estate assets or funds from a new mortgage on the home.While there are no monthly or other periodic payments due on a reverse mortgage from All Reverse,Loan Maturityamount owed may require approval at that time.there is never a prepayment penalty on the loan so you are free to make a payment of any amount atany time if you so choose.Please note: The scenarios featured on this page are for illustrative purposes only. A prepayment in full will terminatethe loan and therefore if you intend to keep your loan active you must keep some balance on the loan to keep itactive. Please consult with your All Reverse expert with any questions.9

Fees associated witha reverse mortgageThere are fees associated with a reverse mortgage product, many of which are similar to those youwould pay for a standard or forward mortgage. Certain fees may be financed with the loan so you’ll haveminimal out-of-pocket expenses. There are also some opportunities where All Reverse may be able topay a small or a large portion of your costs depending on your initial loan balance and market conditions.We recommend that borrowers never take proceeds from their loan that they do not need or want butwe do recommend that you check to see what discounted fees may be available to you if you intend totake an initial draw anyway. We are experts at keeping reverse mortgage costs down and look forward toworking with you to find the best rates and fees to suit your needs.Below is a summary of the fees you can expect:Origination FeeA fee paid at origination that covers operating expenses to set up the loan –compare from lender to lender.Counseling CostFHA and many states require that all prospective borrowers attend counselingwith a HUD-approved counselor. This session is required to ensure prospectiveborrowers understand how a reverse mortgage works and to help themdetermine whether it is a solution that meets their needs. The cost of counselingvaries, it will be determined by the counselor and may be provided at no cost.Closing CostsA fee paid at origination, including all third-party-vendor costs. Closing costsmay include an appraisal, title search, flood certification, title insurance andflood insurance where necessary.Servicing FeeA fee used to cover the cost of servicing the loan. Costs may include monthlystatements, insurance and tax verification, periodic property-maintenanceinspections, and processing of withdrawals and other requests. The requirementof this fee is subject to market costs/conditions and may not be charged.MortgageInsuranceThe borrower will be charged a mortgage insurance premium (MIP) to reducethe risk of loss to the Department of Housing and Urban Development (HUD)or the lender in the event of default or loss due to value. The MIP has bothan Initial payment based on the property value and an annual renewalbased on the outstanding loan balance." Cliff and his people were spot on to help us with our reverse mortgage. Very goodcompany and would recommend them to anyone. First Class Operation!"10– Tim 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999

FeesInterest RatesAll Reverse Mortgage offers multiple interest rateHUD’s disbursement rules only allow for a portionand fee options to suit your needs in both fixedof your reverse mortgage proceeds in the firstand adjustable rate loans.12 months if those funds are not used to pay offA fixed rate is a "closed end instrument" whichexisting loans or for a purchase transaction.requires a full draw of all funds available and onlyAsk your All Reverse Mortgage Loan Specialist toone draw to the borrowers. The adjustable rateshow you what you can expect to receive underloan is an "open-ended instrument" allowing foreach program and with different rate options.multiple draws and the borrower can take anyamount up to the full amount available.Please note: You’ll find a glossary of terms on page 18.11

Is a reverse mortgageright for you?We already talked about reverse mortgages not always being the right option.How do you know when they aren’t?When a reverse mortgage (or all options)Discuss reverse mortgage productsIt’s important to understand situations in which aWhen considering a reverse mortgage, itreverse mortgage may not be the best solutionmay be helpful to speak with professionalsfor your needs. Here are some reasons why aabout this type of loan. Listed below are somereverse mortgage may not be right for you:professionals and topics you may want tomay not be rightY ou are considering moving within a fewyears and you are considering a loan withwith professionalsdiscuss with them when deciding whether to geta reverse mortgage.high initial fees (is there a loan availablewith very little initial cost?)SOURCERELEVANT TOPICSY ou want to leave your home to your heirs,AccountantIncome taxes,and they will not/cannot pay back the loantax deductions,balance with other funds or gains tax,Y ou are looking for funds to invest in riskyor annuity type investments that tie fundsup with potential loss of principal if youneed those funds.Discuss your decision withaffected partiesproperty taxesAttorneyEstate planning,tax planningFinancial PlannerRetirement planningRealtorHome purchaseWe recommend that you discuss your decisionwith your family, especially your spouse andany heirs and other close relatives that you feelyou want to include. Some topics to considerdiscussing with others include: Staying in your homeTalk with a third-party counselorBefore moving forward with a reversemortgage application, you will need to talk toan independent third-party HUD-approvedcounselor. The counselor will make sure youMaintaining financial independencefully understand your options. More informationRetaining the title to your homeabout this important FHA requirement is locatedLoan-repayment requirementson page 14.Estate planning and inheritanceI mpact on government aid12 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999

Things To Consider13

Understanding the loan processWe’re here to help.Reverse mortgage loan processYour reverse mortgage loan officer and the loan processor will be with you at every step,from application to funding. Here’s what you can expect:STEP 1:Before you apply, it is important to discuss reverse mortgage products withREQUESTfamily, friends and trusted advisors. Once you have determined that a reversemortgage is an option for you, please contact your reverse mortgage loan officer.You have probably already been given a list of local HUD approved counselorsand any other documents that may be required for counseling, and you canchoose anyone from the list or from the HUD website.STEP 2:Next, you will speak with an independent third-party HUD counselor, who willCOUNSELINGreview the reverse mortgage product and documents with you to make sure youunderstand how reverse mortgage products work and explain your alternatives.The session typically lasts at least an hour and may be conducted in personor over the phone (some states require in-person counseling). The cost ofcounseling varies and will be determined by the counselor.STEP 3:After you complete the counseling session and have been issued a certificateAPPLICATIONof counseling, if you have not already gone onto our secure, encrypted websiteto request a loan application, you can do so at this time and we will send itto you via overnight delivery with an envelope to return it the same way.Don’t have a computer? No problem! We can take the information verballyin about 7 minutes on the phone and still send your package out quickly.Once you return your signed application and counseling certificate to thisoffice we can begin the loan processing." After checking with numerous companies, I decided to go with Cliff and All ReverseMortgage in Orange. They gave me exceptional service and were always prompt andthorough with questions I had. I would highly recommend them."14– Rosalind 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999

STEP 4:An appraiser will visit your home and assess its exterior and interior condition,APPRAISALas well as compare the property to other homes recently sold in your area.that do not allow you or even your loan originator to choose the appraiser.An independent Appraisal Management Company will hire the appraiserand All Reverse cannot influence the valuation process, by Dodd-Frankrules and by Federal Law!Once complete, we will provide you with your appraised home value andconfirm the amount of loan proceeds you are eligible to receive.STEP 5:Once you have met all the conditions of the loan, a closing date and locationLOAN CLOSINGwill be scheduled. Most borrowers sign in the comfort of their own homes.Loan Application ProcessRemember that in 2010 Dodd-Frank passed Appraiser Independence RulesA closing agent will present all of the necessary loan documents for you tosign and provide you with a copy of your package. After all of the documentsare signed, you will have three business days to cancel the loan, should youdecide to do so on refinance transactions.STEP 6:After the completion of a three-business-day right to cancel period, the loanFUNDINGproceeds you requested will be wired to your account that you supplied. 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999 15

Questions & AnswersQ: What is a reverse mortgage? A reverse mortgage is a home loan thatallows you to access a portion of yourcan I access? Loan amounts vary based on the reverseavailable home equity and use the proceeds,mortgage product chosen, the age(s) of thewhich may be tax-free (not intended to be taxborrower(s), the appraised market value of theadvice, please consult a tax advisor, paymenthome and current interest rates. Generally, theof property taxes is still required), for themore valuable your home is (up to the HUDthings you need. With this type of loan, nomaximum lending limit of 636,150), the oldermonthly mortgage payment is required for asyou are and the lower the interest rates, thelong as you continue to live in the home ormore you may be eligible to receive. Thereuntil a maturity event occurs.may be jumbo or “private” reverse mortgageQ: Who is eligible for a reverse mortgage? To be eligible, all borrowers must beprograms available for homes valued above theHUD limit.titleholders of the property and age 62 orQ: Will I still own my home?older. Qualifying spouses under the age of 62 Yes. You will retain the title to your homenow have protection under "non-borrowingas long as the taxes and insurance orspouse" rules. Most states allow for non-assessments, including homeownersborrowing spouses but some do not. Be sureassociation charges are paid timely, the hometo discuss the ramifications fully of this maintained in good condition, it remains atQ: What types of homes are eligible?least one borrower’s primary residence, you Single-family, 2–4-unit homes, modular,months, or until you decide to sell your home.planned unit development (PUD) andcondominium homes are eligible.Manufactured homes may be eligible(please consult your reverse mortgagedo not reside elsewhere for 12 consecutiveQ: A re there homeowner’s insuranceand property tax requirements? Yes. It is your responsibility to maintain anloan officer). The property must be youracceptable amount of property insurance,primary residence.including flood insurance where necessary.Q: What if I have an existing mortgage? You may be eligible for a reverse mortgageproduct even if you have an existing balanceon your mortgage. However, the existingmortgage balance must be paid off at closing.16Q: H ow much of my home’s equityYou are also responsible for paying yourongoing property taxes.Q: W hat are the costs for reversemortgage products? Costs for reverse mortgage products includeYou can choose to pay off the balance withorigination and processing fees, third-partyproceeds from the reverse mortgage orclosing costs (just like a first mortgage)another source.and possibly a monthly servicing fee and 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999

mortgage insurance premium. Many ofthese costs can be financed with the loan,and may vary depending upon which productyou select. There is also counseling requiredfor which you may have to pay a fee.Q: How can I use the loan proceedsI receive?Q: Will I have to make monthly payments? No. You are not required to make monthlymortgage payments until the loan is due.However, you can make payments anytimeyou choose. There are no penalties formaking payments before the loan is due.Q: When will the loan become due? You can use the loan proceeds for thethings you need, such as to make homeimprovements, pay off medical expenses(including in-home care) or unexpectedexpenses or for any reason you choose.Q: Can I use the loan proceeds from areverse mortgage to purchase a home? Yes. You can use the proceeds to purchasea home. You will be responsible for makinga down payment equal to the differencebetween the value of the home and theamount of financing you receive. You will nothave to make monthly mortgage paymentswhile you live in the home or until a maturityevent occurs.Q: Are the proceeds I receive taxable? Loan advances from a reverse mortgageare not taxable income. This means theproceeds you receive may be tax free,and your income-tax bracket should notbe affected (not intended to be tax advice;please consult a tax advisor; payment ofproperty taxes is still required).Q: How will I access the available proceeds You can choose to receive your loan proceedsin a single lump sum (up to HUD restrictions)or regular monthly installments, draw froma line of credit at your discretion or anycombination of these the home as your primary residence, retainthe title to your property, and do not resideelsewhere for 12 consecutive months. You mustmaintain your home in good condition andcontinue to pay ongoing property insurancepremiums and all applicable property taxesor assessments, including homeowners’association charges. In the event these andother conditions are not met, it may cause yourloan to become due and payable in full.Q: W ill my heirs or I have to sell my homewhen the loan becomes due? When the loan hits a maturity event (none ofthe original borrowers still live in the homeor other default), the loan becomes due andpayable. At this time your heirs have theoption to sell the home, pay off the loan andkeep the home or choose to walk away. Theloan is non-recourse so the lender can neverlook to other assets to repay the loan.Q: Who will help me through this process? At All Reverse Mortgage, we do not havehundreds of commissioned Loan Officersintent on just "selling" you a loan and movingon. Your loan officer is always ready to help,many of our processors are DE UnderwritersQ&Afrom my reverse mortgage? Your loan remains active as long as you livemeaning they are HUD Direct EndorsementUnderwriters themselves and know the productinside and out and are ready to help you. 2017 ALL RIGHTS RESERVED ALL REVERSE MORTGAGE PHONE: (800) 565-1722 NMLS: #MB13999 17

Glossary of TermsGeneral Terms: djustable rate: An interest rate

2 2017 A RIGHT RR All ReveRse MoRtgAge HO (800) 565-1722 M #MB13999 Table of contents In this guide, you will find information about reverse mortgages from All Reverse Mortgage, inc. It will help you make an informed decision as to whether one of our reverse mortgage products is the right financial solution for you.

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