REVERSE MORTGAGE. for purchase. A guide for home buyers

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1 REVERSE MORTGAGE for purchase A guide for home buyers

2 ARE YOU Downsizing or moving into a more suitable home? Having trouble qualifying for traditional financing? Tired of monthly mortgage payments? Your Reverse Mortgage PROFESSIONAL IS HERE TO HELP! 2

3 What is a reverse mortgage? A reverse mortgage, or HECM (Home Equity Conversion Mortgage), is a way to turn the equity in your home into tax free cash without having to make any monthly mortgage payments. Instead of monthly payments, the loan is repaid in one lump sum when the last borrower leaves the home. As part of the loan, the borrower is required to continue paying property taxes and insurance and maintain the home. Already used by more than half a million households across the United States, an HECM reverse mortgage is a government insured loan that enables seniors to gain financial independence from their ever increasing living expenses. How does that help me purchase a new home? In 2006, the Federal Housing Administration (FHA) created the HECM For Purchase loan. This innovative loan program was designed to help seniors purchase a new primary residence using a reverse mortgage all within a single transaction. How does it work? Very simply, the HECM for Purchase replaces a traditional mortgage to finance the new home. A down payment is combined with the HECM For Purchase loan proceeds to purchase the home. The down payment is usually obtained from the sale of your current home or from other savings or assets. 3

4 Since my reverse mortgage, I have peace and joy back in my life. Wendy, Sun City, AZ Sun American Mortgage Sun American Mortgage is a pioneer in the reverse mortgage industry having done the very first HECM in the southwestern U.S. in Sun American was also among the first companies in the country to offer the reverse mortgage for purchase product. As a mortgage banker with 30 years of experience, Sun American processes, underwrites, and funds all of their own mortgages and reverse mortgages giving them the ability to provide superior service to both their clients and realtor relationships. Start Living Life TODAY! 4

5 How much could I qualify for? The loan amount is based on the age of the youngest borrower, prevailing interest rates, and the value of the home you wish to purchase. How do I qualify? Qualifications for an HECM For Purchase reverse mortgage are based on these important factors: 1. You must be age 62 years old or older 2. Your new home must be your primary residence 3. You must have a sufficient down payment to purchase the new home Reverse mortgage for purchase benefits NO monthly mortgage payments Loan proceeds are TAX FREE (always consult your financial advisor) NO prepayment penalty Credit requirements tailored to seniors no credit score requirement INCREASED discretionary cash Can sell the home whenever you wish Remain on title and continue to own the home (Property tax and insurance must continue to be paid and the home maintained.) 5

6 Jim & Barb - Mesa, AZ EXAMPLE 1 SELL YOUR HOME Jim & Barb sold their home for $500,000. They paid off their $200,000 mortgage = $300,000 cash $500,000 - $200,000 = $300,000 SELL HOME PAY OFF LOAN CASH NEW HOME Jim & Barb found a NEW home for $350,000 They used $175,000 as a down payment and used $175,000 from an HECM For Purchase to complete their new home purchase. $175,000 + $175,000 = $350,000 * DOWN PAYMENT HECM TO COMPLETE NEW HOME PRICE THEY HAVE $125,000 AT THEIR DISPOSAL AND NO MONTHLY MORTGAGE PAYMENT. Start Living Life TODAY! 6

7 Beth - Scottsdale, AZ EXAMPLE 2 SELL YOUR HOME Beth sold her existing home for $500,000. $500,000 NEW HOME Beth found a NEW home for $350,000 She used $175,000 as a down payment and used $175,000 from an HECM For Purchase to complete her new home purchase. $175,000 + $175,000 = $350,000 * DOWN PAYMENT HECM TO COMPLETE NEW HOME PRICE SHE HAS $325,000 AT HER DISPOSAL AND NO MONTHLY MORTGAGE PAYMENT. 7

8 Bob & Doris - Prescott, AZ EXAMPLE 3 SAVINGS Bob & Doris have $200,000 in savings and are ready to purchase a new home. $200,000 NEW HOME Bob & Doris found a NEW home for $350,000 They used $175,000 as a down payment and used $175,000 from an HECM For Purchase to complete their new home purchase. $175,000 + $175,000 = $350,000 * DOWN PAYMENT HECM TO COMPLETE NEW HOME PRICE THEY HAVE $25,000 IN SAVINGS, A NEW HOME AND NO MONTHLY MORTGAGE PAYMENT. How do I get started? FIND OUT HOW! Reverse mortgage experts are available to answer all of your questions. 8

9 Larry & Carol - Phoenix, AZ EXAMPLE 4 SAVINGS Larry & Carol have $300,000 in savings and are ready to purchase a new townhome. $300,000 NEW HOME Larry & Carol found a NEW townhome for $200,000 They used $150,000 as a down payment and used $50,000 from an HECM For Purchase to complete their new townhome purchase. $150,000 + $50,000 = $200,000 * DOWN PAYMENT HECM TO COMPLETE TOWNHOME PRICE THEY HAVE $150,000 AT THEIR DISPOSAL, NO MONTHLY MORTGAGE PAYMENT, AND A $50,000 LINE OF CREDIT GUARANTEED TO GROW TAX-FREE, AND WILL BE AVAILABLE IN THE FUTURE. *About these examples: These examples are as of 10/4/2013 and represent typical extensions of credit for a standard fixed HECM loan at 5.06% interest rate. Loan origination fee of up to $5,500 applies based on the given property value. Other closing costs in an approximate amount of $4,000 also apply, as well as an Up-Front Mortgage insurance Premium payable to HUD of either.5% or 2.5% of the property value. 9

10 VS. WHAT S AND WHAT S NOT... We are committed to making sure that you under stand the product completely before making your decision. Truth of the matter is that HECM products are great options, but they are not right for everyone. Here are some common misconceptions: My income tax will go up. Money from a reverse mortgage is not considered income, so it is not taxable. However, we do recommend consulting a trusted financial advisor when considering a reverse mortgage. My heirs won t be able to inherit my estate. Borrowers may will the home to loved ones as they wish, and heirs may still choose to sell or keep it after repaying the loan. There are also various methods that borrowers or heirs can use to repay the loan when it is due. The lender cannot access any other estate assets to repay the loan. 10

11 VS. It s going to make me ineligible for need-based government programs. A reverse mortgage does not affect your eligibility for Social Security or Medicare. However, for Medicaid, you must make sure that the funds you withdraw do not exceed Medicaid limits. I could get kicked out of my home. You cannot be forced out of your home as long as taxes and insurance are paid, at least one borrower lives in the home, and the home is maintained in reasonable living condition. My heirs could end up having to pay back more than the home is worth. Reverse mortgages are a non-recourse loans. Even if the loan balance grows to exceed the home value, you or your heirs will not be required to repay more than the value of your home at the time of sale. I m going to outlive the reverse mortgage. As long as the terms of the loan are met, a reverse mortgage only becomes due when all borrowers have moved out of the property. The bank will own my home. The reverse mortgage borrowers retain full ownership of their homes. REVERSE MORTGAGE FOR 11

12 REVERSE MORTGAGE for purchase 4140 East Baseline Road Suite 206 Mesa, AZ LOAN NMLS # AZ Mortgage Banker License #7548 Contact your reverse mortgage professional today! 2013 Sun American Mortgage

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