Welcome to our Reverse Mortgage Servicing Department

Size: px
Start display at page:

Download "Welcome to our Reverse Mortgage Servicing Department"

Transcription

1 Welcome to our Reverse Mortgage Servicing Department New Loan Reference Booklet

2 Reverse Mortgage Frequently Asked Questions 1. HOW CAN I REQUEST FUNDS FROM MY LINE OF CREDIT? If you selected a line of credit as part of your payment plan option, you may request those funds by sending in a written request to the servicing department. You will receive a Line of Credit draw request form with each monthly statement, provided that you have available funds remaining. The draw request form can either be mailed to us (our address is on the form) or faxed to us toll free at (866) Once we receive your signed request, it will be processed and we will deposit the funds electronically in your bank or credit union account within 5 business days. If you request the funds be paid by check, please allow 7 days for mail delivery time to receive it. 2. WHO IS RESPONSIBLE FOR PAYING THE PROPERTY TAXES AND INSURANCE ON MY HOME? When you took out your reverse mortgage, you signed documents which require you to make your property tax payments on time, and to keep your homeowner s insurance and flood insurance (if applicable) current. Unfortunately, these important requirements can sometimes be overlooked. However, by not paying your taxes or insurance on time, it could cause your reverse mortgage to be placed in default status and your loan could be called due and payable. If your loan is approved to be called due and payable, it could lead to foreclosure on your home, and we want to help you avoid that situation at all costs. If you ever experience difficulties paying your taxes or insurance, please call our office at (866) so that we can work together to solve the problem. Reverse mortgage borrowers are currently only allowed to participate in tax deferral programs in the states of California, Oregon and Massachusetts. However, you are encouraged to look into local senior tax exemption programs, which may decrease your annual property tax bill. You also can always seek the advice, free of charge, of a HUD counselor by calling their toll-free number at (800) WHAT SHOULD I DO IF I HAVE REQUIRED REPAIRS THAT NEED TO BE COMPLETED? If you have certain repairs to your home that were required as a condition of receiving your reverse mortgage, you will receive information from us that will be mailed to you shortly. 2

3 This letter will provide you with a step-by-step instruction guide, which will take you through the repair process. You do not need to wait for this information before you start the repairs to your home. It is important that you get them started as soon as possible, to ensure that you are able to complete the repairs by your required deadline. 4. ANNUAL OCCUPANCY CERTIFICATION As part of receiving your reverse mortgage, you agreed that you would live in your home as your primary place of residence. You can take vacations or leave the home for up to 12 months without defaulting on your reverse mortgage. However, please let us know if you are going to be out of the home for more than two consecutive months, so we can keep our records current for the mailing of your monthly statement. The Reverse Mortgage Servicing Department is required by HUD to verify, on an annual basis, that you are still living in your home. You will receive a letter from us each year, starting one year after you received your reverse mortgage. In order to certify your occupancy, you will simply need to sign your name on the document within 30 days and send it back to us. 5. HOW DO I ARRANGE FOR MY REVERSE MORTGAGE PAYMENTS TO BE DEPOSITED DIRECTLY INTO MY BANK OR CREDIT UNION ACCOUNT? If you provided a voided check at the time of your loan closing for this purpose, you do not need to do anything. If you did not provide a voided check at closing and would like to do so now, please mail us a voided check as well as a letter asking that your funds be sent to you via direct deposit. If you would like to set up your funds to be direct deposited to a savings account, you will need to obtain a letter from your bank or credit union (on their letterhead) listing the savings account number, the bank or credit union s routing number, and any names that are listed on the account. We will set up your direct deposit when we receive the letter from your bank, along with your letter requesting that we set you up on direct deposit. It is important to note that only the borrower(s) on the reverse mortgage (or financial Power of Attorney) can be listed on the account that is used to set up the direct deposit. There is no fee charged to you for the direct deposit service. 6. WHEN WILL I RECEIVE MY SCHEDULED MONTHLY PAYMENT? If you elected to receive a scheduled monthly payment as part of your payment plan option, your first payment will be sent to you on the first business day of the month following the funding of your loan. As an example, if your loan funded in November, your first payment would be sent to you on the first business day of December. 3

4 If you are set up on direct deposit, your monthly payment will be in your bank or credit union account on the first business day of each month. If you elected to receive a scheduled monthly payment and requested a paper check, it will be mailed to you on the first business day of each month. Please allow for a mailing time of 7 days for your check. 7. WHAT HAPPENS TO MY REVERSE MORTGAGE IF I PASS AWAY OR MOVE FROM THE HOME PERMANENTLY? Your reverse mortgage will have to be repaid when the last surviving borrower on the loan passes away, moves from the home permanently, or does not occupy the home for longer than 12 months. Depending on the type of reverse mortgage you received, you (or your heirs) may be eligible for time extensions ranging from six months up to one year. These potential time extensions are only to be used to provide time to satisfy the balance of the reverse mortgage. If the home is sold for more than the balance of the reverse mortgage, the remaining proceeds from the sale are yours (or your estate s) to keep. 8. WILL I RECEIVE AN ACTIVITY STATEMENT ON MY REVERSE MORTGAGE? You will receive a monthly statement of the activity on your reverse mortgage. These statements are mailed out by the 5th business day of each month. Because of mailing time, it can take up to 7 days after that for you to receive your statement in the mail. You also will receive an annual statement in January of each year detailing all of the activity on your reverse mortgage over the previous year. If you pay your reverse mortgage in full or have actually made a payment towards interest or mortgage insurance premiums during the past year, you will receive a 1098 mortgage interest statement by January 31st, which you may use for tax return filing purposes. Because most reverse mortgage borrowers do not make any payments on their loan, 1098 mortgage interest statements are typically not sent until the loan is paid in full. 9. WHO OWNS MY HOME? You retain full ownership of the property. Your reverse mortgage is simply a loan taken out against the equity in your home. As long as you occupy the home as your principal residence, keep your property taxes and insurance current, and comply with all of the terms of your reverse mortgage, you will be in no danger of losing your home because of the reverse mortgage. 4

5 10. HOW DO I READ AND UNDERSTAND MY MONTHLY STATEMENT? For your convenience, we have included a guide on How to Read My Reverse Mortgage Statement at the end of this packet. 11. I WAS TOLD THAT MY LOAN MIGHT GROW. WHAT DOES THAT MEAN? Depending on the type of reverse mortgage you received, you may experience loan growth on your reverse mortgage. This growth is simply an increase in the amount of money that you are eligible to withdraw, if you elected to have a line of credit as part of your payment plan option. In order to simplify this concept, growth is sometimes explained incorrectly to reverse mortgage borrowers as being similar to earning interest on a bank account. Please know that your reverse mortgage is not a bank account and does not earn interest. The growth is simply additional credit that you may receive as time goes on with your reverse mortgage. Not all reverse mortgage loans have this growth feature. Those that do, typically experience growth in their available funds in their line of credit approximately equal to the current interest rate. However, because changing interest rates affect the level of growth, it is impossible to know what level of growth your reverse mortgage may or may not have over the life of your loan. 12. WHO SHOULD I CONTACT FOR ANY QUESTIONS ABOUT MY REVERSE MORTGAGE? Our Borrower Care Associates are available from 8:00 am to 8:00 pm Eastern Time Zone, Monday through Thursday, and 8:00 am to 5:00 pm Eastern Time Zone on Fridays. You can reach us by calling our toll-free number: (866) We can also be reached by fax at (866) , or via at: If you would prefer to write to us for anything related to your reverse mortgage, please mail it to the following address: Reverse Mortgage Servicing Department P.O. Box Lansing, MI

6 How to Read My Reverse Mortgage Statement (sample on next page) Account Number: This is your reverse mortgage account number. You will want to reference this account number when you call the servicing department for any questions on your loan. Current Payment Plan Type: This is the current payment plan type that you have selected for your loan. Current Loan Status: This is the current status of your reverse mortgage. Statement Period: This is the time period that your statement represents. In the sample statement, it is displaying all of the loan activity that occurred during September Current Net Principal Limit: This figure represents the total amount of any remaining money that you have available to borrow on your reverse mortgage. Depending on the type of payment plan option you selected, this figure would include any money available in your line of credit, as well as any monthly scheduled payments due to you. In the sample statement, the borrower has a total of $47, still remaining that they can borrow. 6 7 Current Available Line of Credit: This figure represents any money remaining that is available for you to borrow on your line of credit, if you selected a line of credit as part of your payment plan option. Interest Rate: This is the detail of the interest rate on your reverse mortgage during the statement period. In the sample statement, the interest for the month of September was calculated using 3.83%, and the mortgage insurance premium was calculated using 1.25%. 8 Interest Rate Change Notice: This is a notice to you of any upcoming changes in your loan s interest rate. In the sample statement, the borrower s interest rate will be decreasing to 3.45% on November 1st. 9 Detailed Transaction Information: If you had any transactions (line of credit advances, repayments, accrued interest, monthly scheduled payments, etc.) on your reverse mortgage during the statement period, they are listed individually in this section. At the bottom of this section, it also lists the current outstanding loan balance as of the end of the statement period. In the sample statement, the borrower s current outstanding loan balance as of September 30th is $82,

7 P.O. Box Lansing, Michigan Customer Service: (866) Toll Free Fax: (866) Sample Monthly Reverse Mortgage Statement THIS IS NOT A BILL 1 SAMPLE ONLY 4 Account Number: Statement Period: August 31, 2010 to September 30, 2010 $47, $47, Your Interest Rate on November 01, 2010 will be % /02/ /11/ /30/ /30/ /30/2010 $82,

8 Reverse Mortgage servicing department P.O. Box Lansing, MI

Q. Under what circumstances wil my loan be cal ed due and payable? Q. What happens if one of the above occurs and my loan is cal ed due and payable?

Q. Under what circumstances wil my loan be cal ed due and payable? Q. What happens if one of the above occurs and my loan is cal ed due and payable? Financial Freedom, as servicer for your Home Equity Conversion Mortgage ( HECM or loan ), is required by the U.S. Department of Housing and Urban Development ( HUD ) to perform certain actions depending

More information

Reverse Mortgage Information Guide

Reverse Mortgage Information Guide Reverse Mortgage Information Guide Table of Contents FHA Reverse Mortgages 3 Common Misconceptions about Reverse Mortgages 4 How the Program Works 4 Benefits of a HECM loan 4 HECM vs. Traditional Mortgage

More information

USA Reverse. Learn the Facts about Reverse Mortgages. Danny Glover - Human Rights Activist

USA Reverse. Learn the Facts about Reverse Mortgages. Danny Glover - Human Rights Activist Learn the Facts about Reverse Mortgages Danny Glover - Human Rights Activist Single-purpose Reverse Mortgages Single-purpose reverse mortgages are the least expensive option. They re offered by some state

More information

WELCOME. To the Wonderful World Of Reverse Mortgages

WELCOME. To the Wonderful World Of Reverse Mortgages WELCOME To the Wonderful World Of Reverse Mortgages Reverse Mortgage Loans Borrowing Against Your Home Basic Questions: 1. Do you really need a reverse mortgage? -- Why are you interested in these loans?

More information

Reverse Mortgage Presented by Ian MacGillivray, NMLS #638502 American Capital Corporation, NMLS #264422 Phone: 505-690-1089 Website:

Reverse Mortgage Presented by Ian MacGillivray, NMLS #638502 American Capital Corporation, NMLS #264422 Phone: 505-690-1089 Website: Reverse Mortgage American Capital Corporation, Phone: 505-690-1089 Website: http://mortgagepartners-santafe.com Contents I. What Is a Reverse Mortgage? II. Benefits and Typical Uses III. Is the Home at

More information

Put your home to work for you

Put your home to work for you Put your home to work for you Sara A. Cornwall 2507 Post Road, Southport CT 06890 Phone: 203-319-5014 Email: Sara.Cornwall@WellsFargo.com What is a reverse mortgage It s a home loan that enables you to

More information

Guide to Reverse Mortgages

Guide to Reverse Mortgages Guide to Reverse Mortgages Prepared by Steve Juetten, CFP Juetten Personal Financial Planning, LLC. www.finpath.com 425-373-9393 Disclaimer: the information in this report was prepared from reliable sources;

More information

CONSUMER ALERT REVERSE MORTGAGES

CONSUMER ALERT REVERSE MORTGAGES CONSUMER ALERT MIKE COX ATTORNEY GENERAL The Attorney General provides Consumer Alerts to inform the public of unfair, misleading, or deceptive business practices, and to provide information and guidance

More information

Reverse Mortgage Is it right for you?

Reverse Mortgage Is it right for you? Reverse Mortgage Is it right for you? Reverse Mortgages are being hyped as a tremendous tool for retirement income. This type of mortgage uses part of the equity in a home as collateral. A Reverse Mortgage,

More information

Questions and Answers About Reverse Mortgages. If you have questions or need our help, call <8XX-XXX-XXXX>.

<Servicer Logo> Questions and Answers About Reverse Mortgages. If you have questions or need our help, call <8XX-XXX-XXXX>. Questions and Answers , If you have questions or need our help, call . What is a reverse mortgage? A reverse mortgage is a loan

More information

Table of Contents. Enjoy your retirement years 1. Loan App: Checklist 7

Table of Contents. Enjoy your retirement years 1. Loan App: Checklist 7 Table of Contents Enjoy your retirement years 1 Program Overview Why get a HECM? 1 HECM vs. Traditional Mortgages 1 HECM Benefits 1 Loan App: Checklist 7 Contact Information 8 Q and A 2 HECM SAVER Overview

More information

Table of Contents. Enjoy your retirement years 1. Program Overview Why get a HECM? 1 HECM vs. Traditional Mortgages 1 HECM Benefits 1.

Table of Contents. Enjoy your retirement years 1. Program Overview Why get a HECM? 1 HECM vs. Traditional Mortgages 1 HECM Benefits 1. Table of Contents Enjoy your retirement years 1 Program Overview Why get a HECM? 1 HECM vs. Traditional Mortgages 1 HECM Benefits 1 Q and A 2 JUMBO Reverse Overview What is a Jumbo Reverse? 3 HECM Loan

More information

As part of your evaluation process, your loan was reviewed for all options available to you at the time we received your required documents.

As part of your evaluation process, your loan was reviewed for all options available to you at the time we received your required documents. C3_2182 TradSSApprLtr_ND 17281 12/26/2013 Mail Stop TX2-982-03-02 7105 Corporate Dr. Plano, TX 75024 Notice Date: August 28, 2014 Loan No.: Property Address: Sacramento, CA 95826 IMPORTANT MESSAGE ABOUT

More information

Converting Home Equity into Income: A Reverse Mortgage Review

Converting Home Equity into Income: A Reverse Mortgage Review Converting Home Equity into Income: A Reverse Mortgage Review Are you interested in the possibility of converting equity in your home into cash without having to move or assume debt that has to be currently

More information

Source: Genworth Financial Home Equity Access, Inc. Reverse Mortgage Study- 10/2008 2

Source: Genworth Financial Home Equity Access, Inc. Reverse Mortgage Study- 10/2008 2 REVERSE MORTGAGES 1 Source: Genworth Financial Home Equity Access, Inc. Reverse Mortgage Study- 10/2008 2 Benefits of a Reverse Mortgage Senior will receive money without having to leave their home No

More information

Reverse Mortgages. Federal Trade Commission ftc.gov

Reverse Mortgages. Federal Trade Commission ftc.gov Reverse Mortgages Federal Trade Commission ftc.gov If you re 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for

More information

Seniors Reverse Mortgage Fact File and Answers to Frequently Asked Questions

Seniors Reverse Mortgage Fact File and Answers to Frequently Asked Questions Seniors Reverse Mortgage Fact File and Answers to Frequently Asked Questions A public information service from Access Reverse Mortgage 1-888-340-0305 2014 Access Reverse Mortgage Corp.. All rights reserved.

More information

You ve Applied For Your Mortgage. What Happens Next? A Simple Guide To Help You Through The Mortgage Process

You ve Applied For Your Mortgage. What Happens Next? A Simple Guide To Help You Through The Mortgage Process You ve Applied For Your Mortgage. What Happens Next? A Simple Guide To Help You Through The Mortgage Process Four Easy Steps You have found the right home at the right price in the right location. Now

More information

Nationwide Mortgage Licensing System #222955

Nationwide Mortgage Licensing System #222955 Nationwide Mortgage Licensing System #222955 Senior Concerns Is your mortgage paid off? Is your Social Security and/or pension sufficient? Rising costs of living: gas, health care, food, utilities, medications,

More information

What You Should Know About Reverse Mortgages

What You Should Know About Reverse Mortgages What You Should Know About Reverse Mortgages The FHA s Program Reverse mortgages are becoming popular in America. HUD's Federal Housing Administration (FHA) created one of the first. The Home Equity Conversion

More information

Government Insured Reverse Mortgage

Government Insured Reverse Mortgage Government Insured Reverse Mortgage HECM (Home Equity Conversion Mortgage) Independence & Peace of Mind for Seniors From the company providing Mortgage options Since 1968. What is a HECM or Reverse Mortgage

More information

If you re 62 or older and looking for money

If you re 62 or older and looking for money March 2011 Reverse Mortgages: Get the Facts Before Cashing in on Your Home s Equity If you re 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement

More information

REVERSE MORTGAGE GUIDE

REVERSE MORTGAGE GUIDE REVERSE MORTGAGE GUIDE Retire comfortably with a Reverse Mortgage CRAIG MINTON - AMERICAN NATIONWIDE MORTGAGE - 757-254-1331 Introduction Hello my name is Craig Minton, Regional Manager and Reverse Mortgage

More information

Is A Reverse Mortgage Right for You?

Is A Reverse Mortgage Right for You? Is A Reverse Mortgage Right for You? NewRetirement s Guide to Reverse Mortgages www.newretirement.com (877) 394-1305 Table of Contents What is a Reverse Mortgage? Are You Eligible For a Reverse Mortgage?

More information

The Reverse Mortgage Opportunity. Today s Solution to your Peace of Mind

The Reverse Mortgage Opportunity. Today s Solution to your Peace of Mind The Reverse Mortgage Opportunity Today s Solution to your Peace of Mind The 2009 Retirement Environment 2008 Market downturn Net worth losses portfolio restrictions Age restrictions on employment Travel

More information

REVERSE MORTGAGES EXPLAINED

REVERSE MORTGAGES EXPLAINED REVERSE MORTGAGES EXPLAINED Thank you for considering a reverse mortgage loan. As you may know, a reverse mortgage loan is a very special type of loan that permits borrowers to convert some of the equity

More information

U.S. Government Guaranteed HECM Reverse Mortgage Information Guide

U.S. Government Guaranteed HECM Reverse Mortgage Information Guide To learn more please call our Reverse Mortgage Department at 302-283-4687 or toll free at 1-888-WSFSBANK (1-888-973-7226), or visit www.wsfsbank.com/reversemortgages. U.S. Government Guaranteed HECM Reverse

More information

Reverse Mortgage Information

Reverse Mortgage Information Reverse Mortgage Information A reverse mortgage is a special type of loan used by older Americans to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with

More information

onsum r s ui to v rs ort s

onsum r s ui to v rs ort s onsum r s ui to v rs ort s Access Cash for Living Expenses r s o l ik om Home Mortgage Bank Prince s Court, Ground Floor Corner Keate & Pembroke Streets Port of Spain,Trinidad,W.I. Tel.(868)625-4972,627-4695

More information

Senior Concerns. Will you outlive your money?

Senior Concerns. Will you outlive your money? NMLS #64997 Senior Concerns Is your mortgage paid off? Is your Social Security and/or pension sufficient? Rising costs of living: gas, health care, food, utilities, medications, etc. Fixed income with

More information

Part 1 General Provisions

Part 1 General Provisions Effective 5/12/2015 Chapter 28 Utah Reverse Mortgage Act Part 1 General Provisions 57-28-101 Title. (1) This chapter is known as the "Utah Reverse Mortgage Act." (2) This part is known as "General Provisions."

More information

HOME EQUITY LINES OF CREDIT CHECK LIST. Name/Borrower. Address. Amount of Mortgage $

HOME EQUITY LINES OF CREDIT CHECK LIST. Name/Borrower. Address. Amount of Mortgage $ HOME EQUITY LINES OF CREDIT CHECK LIST Date Name/Borrower Address Amount of Mortgage $ Application Income Verification Additional: A. Copy of Recorded Deed B. Copy of Survey C. Tax receipts- School, County,

More information

SENIOR BULLETIN: MEDICAID. Reverse Mortgage Loans

SENIOR BULLETIN: MEDICAID. Reverse Mortgage Loans VOL. 05-2 DATE: March 8, 2005 1 FROM: Joanna Otero 2 SENIOR BULLETIN: MEDICAID Reverse Mortgage Loans A reverse mortgage loan allows a homeowner to convert equity 3 in a home to cash. It is unlike a standard

More information

Introduction to Reverse Mortgages...

Introduction to Reverse Mortgages... Introduction to Reverse Mortgages... A reverse mortgage is a loan that allows you to access a portion of the available equity in your home. The proceeds from the loan may be *tax-free and you choose how

More information

1 MINNESOTA STATUTES 2015 47.58

1 MINNESOTA STATUTES 2015 47.58 1 MINNESOTA STATUTES 2015 47.58 47.58 REVERSE MORTGAGE LOANS. Subdivision 1. Definitions. For the purposes of this section, the terms defined in this subdivision have the meanings given them. (a) "Reverse

More information

If you re 62 or older and looking for money

If you re 62 or older and looking for money April 2009 Reverse Mortgages: Get the Facts Before Cashing in on Your Home s Equity If you re 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement

More information

Committed to the future of rural communities. (CSC)

Committed to the future of rural communities. (CSC) Committed to the future of rural communities. 9/27/2011 (CSC) Customer Service Information Guide USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination write

More information

Frequently asked questions for advisors

Frequently asked questions for advisors 1. How does your client qualify for a reverse mortgage? To become eligible for a reverse mortgage, the borrower must be at least 62 years old and own their home And have enough equity in the house to pay

More information

Enhance Your Financial Security

Enhance Your Financial Security Enhance Your Financial Security With a Home Equity Conversion Mortgage Many homeowners across the nation have chosen a Home Equity Conversion Mortgage (HECM) to help them meet financial and personal goals.

More information

FHA Reverse Mortgages for People 62 Years and Older

FHA Reverse Mortgages for People 62 Years and Older FHA Reverse Mortgages for People 62 Years and Older If you are age 62 or older you may want to participate in FHA's Home Equity Conversion Mortgage (HECM), better known as the Reverse Mortgage, program.

More information

Home Equity Conversion Mortgage Basics

Home Equity Conversion Mortgage Basics Home Equity Conversion Mortgage Basics Kelly Zitlow NMLS#164330 Vice President, CMPS 480.398.4908 kzitlow@ccmclending.com www.kellyzitlow.com Cherry Creek Mortgage Co., Inc. NMLS#3001 AZ BK#0904024 17015

More information

Is a Reverse Mortgage. the right answer for you or a loved one? Get the facts.

Is a Reverse Mortgage. the right answer for you or a loved one? Get the facts. Is a Reverse Mortgage the right answer for you or a loved one? Get the facts. H ome is a special place. Whether it s been in your family for generations or you ve lived there only for a short time, you

More information

Reverse. Mortgage. Presentation

Reverse. Mortgage. Presentation Reverse Mortgage Presentation Copyright 2004, 2005, 2006 by National Reverse Mortgage Education Center All rights reserved Overview Enables homeowners age 62 and older to turn a portion of their home s

More information

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association Just the FAQs: Answers to Common Questions About Reverse Mortgages From the National Reverse Mortgage Lenders Association THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION The National Reverse Mortgage

More information

HOME A LOAN? A Quick Guide on Reverse Mortgages for Senior Advocates

HOME A LOAN? A Quick Guide on Reverse Mortgages for Senior Advocates HOME A LOAN? A Quick Guide on Reverse Mortgages for Senior Advocates At first glance, it seems there is a lot for a senior citizen to love about a reverse mortgage. It s a way to turn home equity into

More information

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association Just the FAQs: Answers to Common Questions About Reverse Mortgages From the National Reverse Mortgage Lenders Association Published by THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION The National Reverse

More information

Reverse Mortgages: A Guide for Consumers. A New Report from THE AMERICAN ADVISORY COUNCIL

Reverse Mortgages: A Guide for Consumers. A New Report from THE AMERICAN ADVISORY COUNCIL Reverse Mortgages: A Guide for Consumers A New Report from THE AMERICAN ADVISORY COUNCIL This publication is designed to provide accurate and authoritative information regarding the subject matter covered.

More information

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association Just the FAQs: Answers to Common Questions About Reverse Mortgages From the National Reverse Mortgage Lenders Association Just the FAQs: Answers to Common Questions About Reverse Mortgages From the National

More information

NON BORROWING SPOUSES AND REVERSE MORTGAGES OVERVIEW

NON BORROWING SPOUSES AND REVERSE MORTGAGES OVERVIEW WHAT IS A REVERSE MORTGAGE NON BORROWING SPOUSES AND REVERSE MORTGAGES OVERVIEW The Home Equity Conversion Mortgage Program, i.e. the reverse mortgage, was enacted by Congress in 1987 to meet the special

More information

Maggie O'Connell Reverse Mortgage Store 800-489-0986

Maggie O'Connell Reverse Mortgage Store 800-489-0986 The Essentials: Reverse Mortgages For many homeowners age 62 and over, a reverse mortgage could be an important tool for financial flexibility. It can provide a way to access part of your home equity to

More information

Section D. Reverse Mortgage Loan Features and Costs Overview

Section D. Reverse Mortgage Loan Features and Costs Overview Section D. Reverse Mortgage Loan Features and Costs Overview Contents This section contains the following topics: Topic See Page 1. Types of Reverse Mortgage Products 5-D-2 2. Reverse Mortgage Loan Limits

More information

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association Just the FAQs: Answers to Common Questions About Reverse Mortgages From the National Reverse Mortgage Lenders Association Published by THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION The National Reverse

More information

ReverseMortgages.com, Inc. A Guide to Reverse Mortgages

ReverseMortgages.com, Inc. A Guide to Reverse Mortgages ReverseMortgages.com, Inc. A Guide to Reverse Mortgages Table of of Contents Introduction Introduction Our Commitment to You Is a Reverse Mortgage Right for You? Getting Your Reverse Mortgage: Questions

More information

Seniors Property Tax Deferral Frequently Asked Questions

Seniors Property Tax Deferral Frequently Asked Questions Seniors Property Tax Deferral Frequently Asked Questions Eligibility Who is eligible for this program? Eligibility is not based on your income. To qualify, you must: be 65 years of age or older; be an

More information

Get the facts. What every homeowner who is at least 62 years of age should know about reverse mortgage loans

Get the facts. What every homeowner who is at least 62 years of age should know about reverse mortgage loans Get the facts What every homeowner who is at least 62 years of age should know about reverse mortgage loans Dino Guadagnino Reverse Area Sales Manager PHL Federal Reserve Meeting December 1, 2010 1 What

More information

Reverse Mortgage. Fast Facts Information to help you understand how a reverse mortgage may help you improve your quality of life.

Reverse Mortgage. Fast Facts Information to help you understand how a reverse mortgage may help you improve your quality of life. Reverse Mortgage Fast Facts Information to help you understand how a reverse mortgage may help you improve your quality of life. how can a reverse mortgage Help me? improve your quality of life with A

More information

There are no asset or income limitations on borrowers receiving HUD's reverse mortgages.

There are no asset or income limitations on borrowers receiving HUD's reverse mortgages. DEPARTMENT OF HUD REVERSE MORTGAGE INFORMATION Homeowners 62 and older who have paid off their mortgages or have only small mortgage balances remaining are eligible to participate in HUD's reverse mortgage

More information

Payout Guide A GUIDE TO OPTIONS FOR YOUR STATE OF MICHIGAN 401(K) AND 457 PLAN ACCOUNTS. 1-800-748-6128 http://stateofmi.ingplans.

Payout Guide A GUIDE TO OPTIONS FOR YOUR STATE OF MICHIGAN 401(K) AND 457 PLAN ACCOUNTS. 1-800-748-6128 http://stateofmi.ingplans. Payout Guide A GUIDE TO OPTIONS FOR YOUR STATE OF MICHIGAN 401(K) AND 457 PLAN ACCOUNTS 1-800-748-6128 http://stateofmi.ingplans.com State of Michigan 401(k) and 457 Plan Participant: You ve worked hard

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Date: April 25, 2014 To: All Approved Mortgagees Mortgagee Letter

More information

Is a Reverse Mortgage. the right answer for you or a loved one? Get the facts.

Is a Reverse Mortgage. the right answer for you or a loved one? Get the facts. Is a Reverse Mortgage the right answer for you or a loved one? Get the facts. H ome is a special place. Whether it s been in your family for generations or you ve lived there only for a short time, you

More information

Summary What is a Reverse Equity Options Mortgage? Closing Costs Who would apply for this When is the mortgage paid type of loan? back?

Summary What is a Reverse Equity Options Mortgage? Closing Costs Who would apply for this When is the mortgage paid type of loan? back? Reverse Mortgage Credit Union Mortgage Association 9693-A Main Street Fairfax, VA 22031 Toll Free: (800) 231-8855 Ext. 128 Local: (703) 425-1204 Ext. 128 www.cumortgage.net Summary What is a Reverse Mortgage?

More information

A Guide to Reverse Mortgages

A Guide to Reverse Mortgages A Guide to Reverse Mortgages You may have heard about reverse mortgages on television or from a friend and are not quite sure what they are, or you may already know what a reverse mortgage is and are not

More information

Reverse Mortgages: Reversal of Fortune?

Reverse Mortgages: Reversal of Fortune? Reverse Mortgages: Reversal of Fortune? Certainly The Fonz would not lead us astray. Nor would Senator Fred Thompson. After all, he ran for President of the United States and played the President in several

More information

Turn the equity in your home into an income you can t outlive

Turn the equity in your home into an income you can t outlive Turn the equity in your home into an income you can t outlive What Is a Reverse Mortgage? A reverse mortgage is a loan designed for senior homeowners age 62 or older, that allows them to convert some of

More information

THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION

THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION The National Reverse Mortgage Lenders Association is a nonprofit trade association, based in Washington, DC, whose mission is to support the continued

More information

Home Equity Conversion Mortgage (HECM) for Home Purchase

Home Equity Conversion Mortgage (HECM) for Home Purchase Home Equity Conversion Mortgage (HECM) for Home Purchase A Guide to HECM s Home Equity Conversion Mortgage (HECM) for Home Purchase A Home Equity Conversion Mortgage for Purchase can be life-changing for

More information

for paying off your mortgage faster and reducing your total interest costs.

for paying off your mortgage faster and reducing your total interest costs. Bi-Weekly Payment Program Guide for paying off your mortgage faster and reducing your total interest costs. Just enroll in the PNC Mortgage Bi-Weekly Payment Program As a PNC mortgage borrower, you have

More information

O1 ONLINE BANKING Agreement Option 1 Credit Union

O1 ONLINE BANKING Agreement Option 1 Credit Union O1 ONLINE BANKING Agreement Option 1 Credit Union By enrolling in Option 1 Credit Union s O1 ONLINE Banking service, you agree to the addition of the following to the Terms and Conditions for Personal

More information

Considering a. Reverse Mortgage? Review these 5 steps to see if one is right for you.

Considering a. Reverse Mortgage? Review these 5 steps to see if one is right for you. Considering a Reverse Mortgage? Review these 5 steps to see if one is right for you. Reverse mortgages are a powerful tool to help eligible homeowners obtain tax-free cash flow. Thousands of people have

More information

724-775-6640. Mike Spanik Larry McDaniels Dave Hodge. You can contact the Nominating Committee at

724-775-6640. Mike Spanik Larry McDaniels Dave Hodge. You can contact the Nominating Committee at Vol. 32, No. 1 A Quarterly Newsletter Published By West-Aircomm Federal Credit Union Pay Off Your Mortgage WAC Home Equity Refinance Loan Great Rate 3.85% APR & Low Closing Costs It appears that interest

More information

SENATE JOINT RESOLUTION. proposing a constitutional amendment to authorize the making of a

SENATE JOINT RESOLUTION. proposing a constitutional amendment to authorize the making of a 0 0 SENATE JOINT RESOLUTION proposing a constitutional amendment to authorize the making of a reverse mortgage loan for the purchase of homestead property and to amend certain requirements in connection

More information

OPTIONS IN FORECLOSURE

OPTIONS IN FORECLOSURE Section II: KEEPING YOUR HOME OPTIONS IN FORECLOSURE Deciding whether or not to keep your home is something that only you, the homeowner, can determine. The best housing counselors will ask what you d

More information

What is the Deferred Payments Scheme? Help with paying for your care

What is the Deferred Payments Scheme? Help with paying for your care What is the Deferred Payments Scheme? Help with paying for your care The Deferred Payment Scheme can help you pay for your care home fees, if you own your home and cannot afford to pay the full fee, as

More information

Rapid Refund Costs Taxpayers Too Much $$$

Rapid Refund Costs Taxpayers Too Much $$$ the ALERT V. 2 6, N O. 1 A N E W S L E T T E R F O R S E N I O R S J A N / F E B / M A R C H / A P R I L 2 0 1 0 Rapid Refund Costs Taxpayers Too Much $$$ With more Seniors working to make ends meet, more

More information

Your Reverse Mortgage Guide. Reaping The Rewards Of A Lifetime Investment In Homeownership

Your Reverse Mortgage Guide. Reaping The Rewards Of A Lifetime Investment In Homeownership Your Reverse Mortgage Guide Reaping The Rewards Of A Lifetime Investment In Homeownership Contents Make The Most Of Retirement!...3 Program Overview...3 4 What Is A Reverse Mortgage? Why Get A Reverse

More information

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association

Just the FAQs: Answers to Common Questions About Reverse Mortgages. From the National Reverse Mortgage Lenders Association Just the FAQs: Answers to Common Questions About Reverse Mortgages From the National Reverse Mortgage Lenders Association THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION The National Reverse Mortgage

More information

Homeowner Request for Assistance

Homeowner Request for Assistance Homeowner Request for Assistance In this packet. Thank you in advance for allowing your Credit Union to review your account for mortgage assistance. Homeowner Checklist Details the documents and forms

More information

LOANS. TIAA-CREF Retirement Plan Loans

LOANS. TIAA-CREF Retirement Plan Loans LOANS TIAA-CREF Retirement Plan Loans TIAA-CREF Retirement and Group Retirement Annuities are tax-deferred annuities mainly used to fund retirement plans established by an employer. Depending on your employer

More information

THE ESSENTIALS REVERSE MORTGAGES

THE ESSENTIALS REVERSE MORTGAGES THE ESSENTIALS REVERSE MORTGAGES The MetLife Mature Market Institute Celebrating its 15-year anniversary in 2012, the MetLife Mature Market Institute is Metropolitan Life Insurance Company s (MetLife)

More information

We have a plan to make yours easier. The Citizens Guide to Construction-to-Permanent Financing

We have a plan to make yours easier. The Citizens Guide to Construction-to-Permanent Financing We have a plan to make yours easier. The Citizens Guide to Construction-to-Permanent Financing Table of Contents How it works 3 Getting started 4 The construction-to-permanent loan process 5 The construction

More information

1-800-290-3521 Extension 415 A Connecticut Company. Providing Our Clients With Excellent Opportunities... Outstanding Results

1-800-290-3521 Extension 415 A Connecticut Company. Providing Our Clients With Excellent Opportunities... Outstanding Results Reverse Mortgage Basics What is a reverse mortgage? The reverse mortgage is a safe and easy way for seniors to turn their home s equity into an additional source of income to meet any financial need. It

More information

FINAL BILL REPORT EHB 1311

FINAL BILL REPORT EHB 1311 FINAL BILL REPORT C 149 L 09 Synopsis as Enacted Brief Description: Regulating reverse mortgage lending practices. Sponsors: Representatives Kirby, Bailey, Morrell, Sullivan, Kenney, Simpson and Nelson;

More information

NC General Statutes - Chapter 53 Article 21 1

NC General Statutes - Chapter 53 Article 21 1 Article 21. Reverse Mortgages. 53-255. Title. This Article shall be known and may be cited as the Reverse Mortgage Act. (1991, c. 546, s. 1; 1995, c. 115, s. 1.) 53-256. Purpose. It is the intent of the

More information

April 23, 2015 Mortgagee Letter 2015-10. All Approved Home Equity Conversion Mortgage (HECM) Servicers

April 23, 2015 Mortgagee Letter 2015-10. All Approved Home Equity Conversion Mortgage (HECM) Servicers U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER April 23, 2015 Mortgagee Letter 2015-10 To All Approved Home Equity

More information

Pathways Shared Equity Loan

Pathways Shared Equity Loan Department of Housing and Public Works Pathways Shared Equity Loan Become a home owner by purchasing a share of the property you are renting Questions and Answers Booklet Great state. Great opportunity.

More information

Chapter 16: Squeezing the Last Drop Additional Material

Chapter 16: Squeezing the Last Drop Additional Material Chapter 16: Squeezing the Last Drop Additional Material In my original manuscript, I had a more extensive discussion on reverse mortgages. Here s the full version. What about reverse mortgages? These are

More information

ReverseMortgages.com, Inc. A Guide to Reverse Mortgages

ReverseMortgages.com, Inc. A Guide to Reverse Mortgages ReverseMortgages.com, Inc. A Guide to Reverse Mortgages Table of of Contents Introduction Our Commitment to You Is a Reverse Mortgage Right for You? Getting Your Reverse Mortgage: Questions & Answers How

More information

CalHFA Automated Mortgage Payment (CAMP) Service

CalHFA Automated Mortgage Payment (CAMP) Service If your first loan is serviced by CalHFA and your loan is in good standing, you are eligible to enroll in the CAMP Service. This service allows your loan payment to be automatically withdrawn from your

More information

Glossary of Foreclosure Fairness Mediation Terminology

Glossary of Foreclosure Fairness Mediation Terminology Glossary of Foreclosure Fairness Mediation Terminology Adjustable-Rate Mortgage (ARM) Mortgage repaid at the rate of interest that increases or decreases over the life of the loan based on market conditions.

More information

Reverse Mortgages Dangerous to Your Health? (Another Free InvestEd Webinar)

Reverse Mortgages Dangerous to Your Health? (Another Free InvestEd Webinar) Reverse Mortgages Dangerous to Your Health? (Another Free InvestEd Webinar) Bob Adams InvestEd Instructor 2011-2012 Bob Adams 2 Every Mortgage Payment Added to Your Equity YOUR HOME IS A GIANT PIGGY BANK

More information

housing information www.housing-information.org Reverse Mortgages A project of Consumer Action

housing information www.housing-information.org Reverse Mortgages A project of Consumer Action housing information www.housing-information.org Reverse Mortgages A project of Consumer Action One of the major benefits of buying a home is the opportunity to build equity, or ownership, in the property.

More information

Reverse Mortgage. Work With a Local Expert

Reverse Mortgage. Work With a Local Expert Reverse Mortgage Work With a Local Expert I offer a variety of reverse mortgages (HECM FHA, Jumbo, Purchase and Fixed Rate) designed to eliminate current mortgage payments and give borrowers easier access

More information

Mortgage Loan Information

Mortgage Loan Information Mortgage Loan Information Thank you for expressing an interest in your Credit Union s Mortgage loan programs. We look forward to being of service to you. Please take time to read over the following information

More information

YOUR ROAD MAP TO A REVERSE MORTGAGE

YOUR ROAD MAP TO A REVERSE MORTGAGE BORROW WITH CONFIDENCE: YOUR ROAD MAP TO A REVERSE MORTGAGE National Reverse Mortgage Lenders Association Any new journey is much easier when you have a good map. The members of the National Reverse Mortgage

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions 1. What is a reverse mortgage? 2. How does a reverse mortgage differ from a home equity loan? 3. What are the advantages of a reverse mortgage? 4. How much money can I get? 5.

More information

Converting Home Equity into Income: AReverseMortgageReview

Converting Home Equity into Income: AReverseMortgageReview Converting Home Equity into Income: AReverseMortgageReview Are you interested in the possibility of converting equity in your home into cash without having to move or assume debt that has to be currently

More information

CONSUMER. Spending Down the House: A Quick Guide on Reverse Mortgages for Elder Advocates

CONSUMER. Spending Down the House: A Quick Guide on Reverse Mortgages for Elder Advocates CONSUMER Information for Advocates Representing Older Adults N a t i o n a l C o n s u m e r L a w C e n t e r CONCERNS Spending Down the House: A Quick Guide on Reverse Mortgages for Elder Advocates At

More information

Montana Board of Housing. Reverse Annuity Mortgage Program (RAM)

Montana Board of Housing. Reverse Annuity Mortgage Program (RAM) Montana Board of Housing Reverse Annuity Mortgage Program (RAM) Purpose The Montana Board of Housing (MBOH) Reverse Annuity Mortgage provides financial flexibility to Montana s low- and moderate-income

More information