Housing Retention Options

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1 Housing Retention Options Ruby White, Esq. Director of Litigation North Mississippi Rural Legal Services, Inc. 5 County Road 1014 Oxford, MS www. MSlegalservices.org

2 Mississippi Housing Retention Options Home Equity Conversion Mortgages (Reverse Mortgages) Mississippi HomeSavers Program

3 Reverse Mortgages What is a reverse mortgage An insured loan Accrues interest Right of Rescission Convert part of equity in principal residence into tax free income Without having to sell, give up title or take on a new monthly mortgage payment Do not have to move and no payment as long as you live in the house*

4 To Be Eligible You Must: Age 62+ All owners of record must join Principal residence meeting FHA guidelines Equity in home Lien free or some of proceeds used to pay off lien Financial counseling by approved counselor required

5 The Amount You Will Be Eligible To Borrow Determined by The age of the youngest borrower Current interest rate Lesser of the appraised value or HECM mortgage limit or sale price Online calculator available

6 How Reverse Mortgage Works Loan against home not paid back until one of the following occurs: Move* Sell Die Within 6 months *Exceptions

7 The Common Use Of Proceeds Pay off existing mortgage or debts Supplement monthly income Healthcare cost and prescriptions Remodeling, home repair or maintenance Create cash reserve Discretionary funds No restrictions on how use the money *

8 Receiving The Proceeds Lump sum of cash Monthly payment to you Establish as a line of credit Or a combination of the above Limited how much of the available funds can withdraw within the first 12 months.

9 Borrower s Responsibilities Keep property taxes current Maintain homeowners insurance Maintain property in good condition

10 Options Upon Maturity Heirs redeem Property sold by lienholder If a surplus the difference goes to heirs If a deficiency, heirs are not responsible for difference but mortgagor reimbursed by insurance

11 Mississippi Homesavers Program What is the Mississippi HomeSavers Program? Funds from Hardest-Hit Program Provides mortgage assistance Up to $50, Zero percent interest loan/term 5 years

12 Eligibility: Must meet one of the following qualifying events: Unemployed through no fault of your own Underemployed through no fault of your own Divorce from co-borrower Death of co-borrower First mortgage Manufactured home if on foundation and on the Deed of Trust Mortgagor must be a participating lender Must be applicant s principal residence Must have life event which relates to the hardship Maximum arrearage of $

13 Ineligible Active bankruptcy Disabled and permanently disabled * Exception for D/D Foreclosed property Self inflicted financial hardships Part time employees not eligible for unemployment benefits

14 To Apply: Online Certain documents required Tax transcript Deed of Trust Verification of Employment Utility bills

15 Different Programs Offered: Mortgage assistance max 24 month or 50k Mortgage assistance with education option max 36 months non-distressed and 42 distressed counties or 50K Reinstatement if person now able to make regular monthly payments max 50K

16 Mechanics Of The Program Mortgage generally principal, taxes, insurance and Home Owners Associations dues Duration of payments impacted by applicant s improving financial condition Periodic reports required

17 To Learn More About Mississippi Home Retention Options, Please Visit the Following Websites: Reverse Mortgages-Federal Trade Commission Mississippi HomeSavers Program North Mississippi Rural Legal Services, Inc.

18 QUESTIONS

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