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3 Stretching Retirement Savings Using a Reverse Mortgage Loan The Situation Perry and Stephen Zimmerman thought they had saved enough for retirement but now at age 67, they are not so sure. They worry every time they look at their retirement account statement. They have been withdrawing about \$1,500 per month (\$18,000 per year) since they retired two years ago and have \$350,000 left in their account. If they continue withdrawing at their current rate, they may be at risk of running out of money in their late-80 s. The Solution A reverse mortgage loan can provide the Zimmermans with an additional source of tax-free funds so that they don t have to withdraw as much from their retirement account. 1 By using a reverse mortgage line of credit loan with a monthly draw to supplement 45% of their income needs (\$8,100 per year), their current retirement account can last over 30 years compared to only 20 years without a reverse mortgage loan. 2, 3, 4 Example of Savings Spend Down Scenarios With and Without a Reverse Mortgage Loan \$400,000 \$350,000 \$300,000 \$250,000 \$200,000 \$150,000 \$100,000 \$50,000 \$0 \$400,000 \$350,000 \$300,000 \$250,000 Ending balance With a reverse mortgage loan Balance by Year Balance after inflation Without a reverse mortgage loan \$200,000 \$150,000 \$100,000 \$50,000 \$ Balance by Year

4 1 Consult appropriate government agencies for any effect on taxes or government benefits. 2 This example is calculated using Retirement Shortfall Calculator from Bankrate.com. ( retirement/calculate-retirement-income-money.aspx) 3 Savings Spend Down Scenario Assumptions Beginning savings balance of \$350,000 Monthly contributions of \$0 Zero years before retirement 30 years in retirement Initial annual withdrawal of \$18,000 Initial annual withdrawal of \$8,100 with reverse mortgage loan 7% Rate of return before retirement, calc. default setting 4% Rate of return during retirement, calc. default setting Federal tax rate of 10%, current federal tax rate for couple with annual income of \$18,000 or less State tax rate of 6%, calc. default setting Adjusted for 3% annual inflation rate 4 Reverse Mortgage Loan Calculation Assumptions Source: reversecalculator.libertyhomeequity.com Example for a LIBOR HECM Line of Credit Current Home Value \$500,000 Available Principal Limit \$278,000 Mandatory Obligations \$11,443 Total Net Settlement Costs \$11,443 Less Current Mortgage \$0.00 Other Mandatory Obligations \$0.00 Available Loan Proceeds \$266,557 Available Line of Credit During First 12 Month Disbursement Period \$155,357 Available Line of Credit After Initial 12 Month Disbursement Period \$111,200 This example is based on the youngest borrower, who is 67 years old, a variable rate HECM loan with an initial interest rate of 2.406% (which consists of a Libor index rate of 0.156% and a margin of 2.250%). It is based on an appraised value of \$500,000, origination charges of \$6,000, a mortgage insurance premium of \$2,500, other settlement costs of \$2,943; amortized over 204 months, with total finance charges of \$19, and an annual percentage rate of 14.41%. Interest rates may vary. The stated rate may change or not be available at the time of loan commitment or lock-in. The preceding example and any calculations therein are hypothetical and are for illustrative purposes only. We do not guarantee applicability or accuracy in regard to a client s individual situation or circumstance. Information contained within this strategy is not intended to replace qualified, professional investment and/or tax advice. Reverse mortgage loans may not be appropriate for certain individuals and some restrictions may prevent a homeowner from obtaining a reverse mortgage loan. All reverse mortgage borrowers are required by the federal government to meet with HUD-approved counselors to determine loan suitability. Failure to pay property taxes, hazard insurance, or maintain the residential property can result in a loan default requiring immediate repayment of the loan balance or foreclosure. Interest, mortgage insurance and other fees will accrue annually until the loan balance is repaid in full. FOR PRODUCER/AGENT USE ONLY. NOT TO BE REPRODUCED OR SHOWN TO THE PUBLIC. W A Revision Date 08/18/2014

5 Deferring Social Security With a Reverse Mortgage Loan The Borrower Situation Susan Parker earned \$60,000 per year as a systems project manager until she lost her job nine months ago. At 63, she was having a difficult time finding another job and was considering retiring early. Sources of Retirement Funding 1, 2 Retirement at age 63 with Social Security Retirement at age 63 with a reverse mortgage loan, deferring Social Security until age 70 \$1,500 She knew that this would mean lower lifetime Social Security benefits than if she deferred until age 70, but what else could she do? She had exhausted her unemployment benefits and was drawing down on her savings to pay for her mortgage and other living expenses. \$1,500 \$1,304 \$1,091 \$1,091 \$2,151 The Solution A reverse mortgage loan helped Susan pay off her existing home mortgage and improved her monthly cash flow by \$1,500. She also elected to receive her remaining reverse mortgage loan proceeds in equal monthly payments of \$1,091 for as long as she lives in the home. She was in excellent health and expected to live well into her early 80s. With these additional sources of funds, Susan could defer drawing her Social Security benefits until age 70, resulting in increased monthly benefits of \$847 or \$22,596 over her lifetime. 63 yrs Monthly Social Security Monthly Social Security Benefits \$2,000 \$1,500 \$1,000 \$2,151 \$1,304 \$500 \$- Retire at 63 Retire at yrs 70 yrs Monthly reverse mortgage loan proceeds Lifetime Social Security Benefits (Based on a 20-year life expectancy - to age 83) \$500,000 \$400,000 \$300,000 \$200,000 \$100,000 \$- Monthly cash flow from home loan payoff \$312,960 \$335,556 Retire at 63 Retire at 70 Deferring Social Security from age 63 to 70 resulted in increased Social Security benefits of \$847 per month or \$22,596 total lifetime (to age 83)

6 1 This example was developed using Bankrate.com Social Security Benefits Calculator to calculate estimated monthly Social Security benefits. 2 Source: reversecalculator.libertyhomeequity.com Example for a LIBOR Reverse Mortgage - Modified Tenure Current Home Value \$500,000 Available Principal Limit \$265,000 Mandatory Obligations: \$61,443 Total Net Settlement Costs \$11,443 Less Current Mortgage \$50,000 Other Mandatory Obligations \$0.00 Available Loan Proceeds \$203,557 Monthly Payments for the Life of the Loan \$1,091 Available Line of Credit During First 12 Month Disbursement Period \$11, This example is based on the youngest borrower, who is 63 years old, a variable rate reverse mortgage loan with an initial interest rate of 2.406% (which consists of a LIBOR index rate of 0.156% and a margin of 2.250%). It is based on an appraised value of \$500,000, origination charges of \$6,000, a mortgage insurance premium of \$2,500, other settlement costs of \$2,943, a mortgage payoff of \$50,000; amortized over 240 months, with total finance charges of \$461, and an annual percentage rate of 12.12%. Interest rates may vary. The stated rate may change or not be available at the time of loan commitment or lock-in. The preceding example and any calculations therein are hypothetical and are for illustrative purposes only. We do not guarantee applicability or accuracy in regard to a client s individual situation or circumstance. Information contained within this financial strategy is not intended to replace qualified, professional investment and/or tax advice. Reverse mortgage loans may not be appropriate for certain individuals and some restrictions may prevent a homeowner from obtaining a reverse mortgage loan. All reverse mortgage borrowers are required by the federal government to meet with HUD-approved counselors to determine loan suitability. Failure to pay property taxes, hazard insurance, or maintain the residential property can result in a loan default requiring immediate repayment of the loan balance or foreclosure. Interest, mortgage insurance and other fees will accrue annually until the loan balance is repaid in full. W B Revision Date 08/18/2014

8 1 Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits. 2 Borrower must still live in the home as thier primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to Federal Housing Administration requirements. The current mortgage, if any must be paid off using the proceeds from the HECM loan. HECM loans may not be appropriate for certain individuals and some restrictions may prevent a homeowner from obtaining a HECM loan. All HECM loan borrowers are required by the federal government to meet with HUD-approved counselors to determine loan suitability. Failure to pay property taxes, hazard insurance, or maintain the residential property can result in a loan default requiring immediate repayment of the loan balance or foreclosure. Interest, mortgage insurance and other fees will accrue annually until the loan balance is repaid in full. W A

10 1 Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits. 2 Borrower must still live in the home as thier primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to Federal Housing Administration requirements. The current mortgage, if any must be paid off using the proceeds from the HECM loan. HECM loans may not be appropriate for certain individuals and some restrictions may prevent a homeowner from obtaining a HECM loan. All HECM loan borrowers are required by the federal government to meet with HUD-approved counselors to determine loan suitability. Failure to pay property taxes, hazard insurance, or maintain the residential property can result in a loan default requiring immediate repayment of the loan balance or foreclosure. Interest, mortgage insurance and other fees will accrue annually until the loan balance is repaid in full. W B

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