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1 Welcome

2 Reverse Mortgage Information presented by, Integrity Mortgage Group David Stacy Director of Reverse Mortgage Lending (843) Office (843) Cell

3 A Brief History of Reverse Mortgages In the late 1980 s, AARP lobbied Congress for a program that would give seniors a way to convert equity from their home to improve the quality of life. In 1988 the Federal Housing Authority (FHA), began to administer a Reverse Mortgage program, titled the Home Equity Conversion Mortgage (HECM). Loans are insured, not funded, by the FHA. FHA simply insures that lenders do not lose funds if the home is worth less than the amount owed when the loan is paid off. A Reverse Mortgage is commonly referred to as a non-recourse loan, which means that homeowners (or their heir s) never owe more than the home is worth.

4 What is a Reverse Mortgage? In simple terms, a Reverse Mortgage is nothing more than an equity loan, secured by your home. But unlike a home equity loan made by your Bank, a Reverse Mortgage does not have required payments or credit qualifying, cannot be called due, and the loan amount cannot be frozen or reduced. A Reverse Mortgage is designed to defer the monthly interest instead of having scheduled payments. There are NO required monthly payments on a Reverse Mortgage. Once you receive your Reverse Mortgage loan, you will never be asked to make a payment as long as you live in your home, maintain the property, and meet tax, insurance payments - regardless of how long you live.

5 The Basic Facts You must own or be purchasing your home, with or without a mortgage; (If refinancing: any existing mortgage must be paid off with the loan proceeds.) You must be 62 years of age or older (Age used is the youngest borrower for a married couple that owns a home jointly); There are NO credit or income requirements to quality (currently); You, (or your co-borrower/spouse), must continue to live in your home as your primary residence; You must continue to maintain your home, and pay property taxes and insurance; You must attend a HUD Approved counseling session. (Approximately 1 Hour.) Funds are tax free.

6 The Loan Amount The Loan Amount is determined by three factors; 1. Your age (or the age of the youngest borrower); 2. The market value (up to $625,500) which is determined by an FHA approved appraiser; 3. The interest rate on the Reverse Mortgage program. Rule of thumb for a HECM Standard (not the HECM Saver): Age 62 = 57% of Value; Age 72 = 63% of Value; Age 82 = 68% of Value.

7 How are Funds Received? You can receive the loan proceeds in different ways; 1. Lump sum cash disbursement; 2. Fixed monthly payments (term or tenured) that will come to them every month as long as they live in the home; 3. Line-of-credit where funds will be distributed whenever they call the lender and ask for funds to be advanced; 4. Or a combination of the above methods.

8 Common Myths Myth #1, The lender takes title to your home. Fact: The property title on a Reverse Mortgage is no different than any other mortgage you ve ever had, only the homeowners are on title. Myth #2, Closing Costs are too high or expensive. Fact: Fees associated with a reverse mortgage are similar to fees that you would pay for a standard first mortgage. Normal fees include an origination fee, mortgage insurance, and closing costs but all are negotiable with some lenders. With current market conditions, some Reverse Mortgages can be made with $0 fees! (Side question: Expensive when compared to what type of comparable loan program? There isn t one.) Myth #3, It s a loan of last resort. Fact: If you do not consider a Reverse Mortgage before other assets are depleted, you may be missing smart and creative financial planning opportunities that could maximize other retirement resources.

9 Benefits & Uses Who might benefit from a Reverse Mortgage? Those struggling to make ends meet, Those looking for improved cash-flow, Those simply wanting to live a better life! Let s take a look at some uses for a Reverse Mortgage. Added income for those having a hard time making ends meet; Pay-off existing mortgage and increase monthly household cash-flow; Purchase of long term health care, or assisted living for your spouse; Major purchases without having payments; Help siblings that are having financial difficulties; Home repairs and remodeling; Donate to charitable organizations.

10 The not so common Uses Let s take a look at some of the other uses for a Reverse Mortgage Delay Social Security: Used to increase social security income by deferring benefits until an older age. Reverse Dollar Cost Averaging: If retirement funds are invested in equity markets a Reverse Mortgage can be strategically used to take home equity distributions, in lieu of retirement distributions, during years following low or negative returns. Funding Longevity: As life expectancy increases, a Reverse Mortgage can be used to stretch retirement saving, and reduce the risk of prematurely depleting retirement funds.

11 When should you NOT consider a Reverse Mortgage? It is important to understand situations in which a Reverse Mortgage may not be the best solutions to your needs. The following are some reasons why a Reverse Mortgage may not be right for you: 1. If you are considering moving within a few years; 1. You want to leave you home to your heirs, and they will not or cannot pay back the loan balance with other funds; or will not be able to refinance the property on their own. 1. If you cannot afford the costs associated with maintaining the home, and you cannot afford the taxes or insurance payments. Before deciding about a Reverse Mortgage, we urge you to discuss any decision with your family!

12 Reverse Mortgage Home PURCHASE Overview The following are a few basic facts when considering using a Reverse Mortgage to purchase your new home: Eligible properties are existing, or New Construction. However, if the property is new construction, a Certificate of Occupancy must be issues prior to application; Properties in Texas are not eligible for purchase transactions, Multi-Family properties are not allowed on purchase transactions; If a purchaser has an existing FHA loan on a home they are currently selling, that FHA loan must be paid off prior to closing on their new HECM purchase; The same age requirements as a traditional Reverse Mortgage;

13 Reverse Mortgage Home PURCHASE Overview (cont.) As in traditional HECM (refinance) loans, a HECM Purchase is only for a primary residence; Purchasers must occupy the home within 60 days of closing; Purchasers that have a home to sell must have a contract of sale on their existing primary residence, even if the funds are not required form the sale of this property; If the purchaser plan on keeping their departure residence as an investment property, income and assets will need to be verified to support the previous residence; All HECM purchase loans require a significant investment from the borrower;

14 Reverse Mortgage Home PURCHASE Overview (cont.) All funds used for the purchase must be from an acceptable source and verified: Withdrawals from retirement accounts are acceptable, Saving from personal accounts are acceptable, Gifts according to FHA s Gift Policy, are acceptable, Funds from a pending sale are acceptable, Borrowed funds are NOT acceptable, Loans against accounts are NOT acceptable, Seller concessions are NOT acceptable.

15 Reverse Mortgage Home PURCHASE Overview (cont.) A fully executed contract of sale is required: Make sure the contract expiration date allows enough time to process, underwrite and close the loan, The contract must include the FHA amendatory clause, Contingency for a home inspection, FHA Real Estate Certification, Language that indicates the seller is responsible for safety and soundness repairs, Mortgage contingency, Contingency for sale of existing residence (if applicable), Remember the sale contingency for existing residences with FHA financing.

16 Benefits of using a HECM for Purchase Here are a few examples of benefits using this program as it relates to the Real Estate Industry: 1. A current homeowner, perhaps a previous customer, uses a Reverse Mortgage to remove equity from their current residence to purchase a vacation home (without incurring a payment); 2. Retiree wishing to purchase, but due to declining value of current home declining, their equity isn t quite what they had hoped for. A Reverse Mortgage may get them into the dream home, with a mortgage, BUT without ever having a payment; 3. A homeowner is able to keep part of their savings liquid and earning income, instead of using it entirely as a down payment; 4. Increased knowledge, YOU are better informed than the competition.

17 Parting Humor I believe humor is food for the soul, so I d like to leave you today with a light hearted reading. This is from a book called Disorder in the American Courts and are comments people actually made in courtroom. (btw, my son is in law school) Attorney: Witness: Attorney: Witness: Attorney: Witness: Attorney: Witness: Attorney: Witness: Attorney: Witness: Doctor, before you performed the autopsy, did you check for a pulse? No. Did you check for blood pressure? No. Did you check for breathing? No. So then, it is possible that the patient was alive when you began the autopsy? No. How can you be so sure, Doctor? Because his brain was sitting on my desk in a jar. I see, but could the patient have still be alive, nevertheless? Yes, it is possible that he could have been alive and practicing law.

18 Thank you!

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