C o n v e r t i n g Y o u r H o m e s E q u i t y i n t o C a s h

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1 R E V E R S E M O R T G A G E S E R V I C E S C o n v e r t i n g Y o u r H o m e s E q u i t y i n t o C a s h 2010 Wilmington Savings Fund Society, FSB Member FDIC All Rights Reserved

2 From your first savings account to your first mortgage, WSFS has been the hometown bank you ve trusted for every chapter in your life. As you plan for or enter your retirement years, WSFS continues to meet your needs for today and tomorrow with a powerful financial tool that can greatly improve your quality of life a reverse mortgage. With a WSFS Reverse Mortgage, you can make the most of your retirement years with greater independence and peace of mind. BENEFIT FROM A PROVEN FINANCIAL TOOL. Tens of thousands of homeowners age 62 and older across the nation are already enjoying the benefits of a reverse mortgage. It can be a key component of a well-balanced retirement plan, providing seniors with extra cash to live a more fulfilling and secure life. With built-in government safeguards, it s also a financial tool you can use with confidence. WSFS can show you how.

3 CONVERT YOUR HOME EQUITY INTO TAX-FREE 1 CASH. The basic premise of a reverse mortgage is that you can take the equity you ve built up in your home over the years and convert it into tax-free 1 cash for your needs today. How much money you re eligible for depends on a number of factors, including your home s value, your age and the specific plan you choose. However, as a general rule of thumb, the older you are and the higher your home s appraised value, the more money you can receive. CONTINUE TO LIVE IN AND OWN YOUR HOME. Perhaps best of all, a reverse mortgage does not change your status as homeowner. It s still your home, and you can continue to live in it for as long as you want. Your WSFS Reverse Mortgage just unlocks your home equity to give you funds for your life today and in the years to come. 1 Consult your tax advisor to determine if a reverse mortgage will affect your tax status. Generally, the proceeds are tax-free and do not affect Medicare or Social Security benefits.

4 USE THE MONEY THE WAY YOU WANT. WSFS will help you determine how much you re eligible to receive, but it s up to you how you use it. It s your money to spend or save as you see fit. You can even choose whether to receive it as cash, a line of credit, a monthly income or a combination of these options. PLAN FOR A MORE SECURE RETIREMENT. With rising healthcare costs, Medicare and Social Security concerns, and the pressures of living on a fixed income, now may be the best time for you to consider a WSFS Reverse Mortgage. It can help you improve your current financial situation by paying off an existing mortgage or other debt, as well as help you plan for and cover monthly expenses during your retirement. Your reverse mortgage proceeds can give you greater peace of mind, knowing you have the cash available for unplanned expenses as well. DISCOVER THE HOMETOWN DIFFERENCE. WSFS is the bank you trust for your other financial needs from checking and savings accounts, to personal and business loans. It s nice to know you can turn to WSFS for your reverse mortgage needs as well. We offer a range of reverse mortgage products, and can help you determine what would best meet your needs. As you explore the options, we can meet with you in your home, or at your local WSFS banking office whichever is easiest for you. We re here to help you make the decisions that are right for you, and to be your bank throughout your retirement years. MAKE THE MOST OF YOUR RETIREMENT WITH A WSFS REVERSE MORTGAGE. Eliminate existing mortgage payments Fund home improvements or repairs Provide financial help or gifts to grandchildren or other loved ones Pay off existing credit card or other debt Cover prescription costs and other medical expenses Purchase long-term care insurance Buy a new car or other necessities Take a vacation Create a cushion against unexpected expenses Do something you ve always dreamed of just because you can!

5 FREQUENTLY ASKED QUESTIONS Q. How do I qualify? A. If you re 62 or older and own your home, you could be eligible for a reverse mortgage. There are no income or credit qualifications. Q. How much money can I receive? A. That depends on facts such as your age and your home s appraised value. Generally, the older you are and the more your home is worth, the more money you can receive. Q. Who will own my home? A. You will, just as you do today! A reverse mortgage is a lien, just like a traditional mortgage. It does not need to be repaid until you sell your home or permanently leave it. Q. Are there restrictions on what I can do with my money? A. You re limited only by your imagination! You can choose to use your money for practical purposes or to enjoy the freedom of your retirement. It s your money, so you decide how to spend it. Q. Are there fees involved? A. As with a traditional mortgage or home equity loan, there are closing costs with a reverse mortgage. But they can be financed as part of the loan. You must also continue to pay real estate taxes and insurance premiums and keep your property maintained. With a reverse mortgage, there are no monthly mortgage payments! Q. When do I have to repay the reverse mortgage? A. Unlike traditional equity loans, no repayment is required until the home is no longer your principal residence. At that point, a lump sum payment is due, usually from the sale of the home or through other resources. Best of all, once your reverse mortgage is paid off, your heirs can keep your home if that s what they choose. Q. How do I get started? A. Contact your WSFS Reverse Mortgage Specialist to start the dialogue. There s no pressure or obligation. We ll begin by discussing your needs and desires and explaining the options available to you. You ll want to take your time with this decision and discuss it with your financial advisor, a family member or other trusted advisor. WSFS can help you gather the facts so you can determine what s right for you.

6 GET THE FACTS ABOUT REVERSE MORTGAGES. For more information about how we can be of service to you, please stop by one of our convenient banking offices, call the WSFS Reverse Mortgage department at (toll-free at ) or us at You can also visit us at

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