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

Size: px
Start display at page:

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

Transcription

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

2 Single-purpose Reverse Mortgages Single-purpose reverse mortgages are the least expensive option. They re offered by some state and local government agencies, as well as non-profit organizations, but they re not available everywhere. These loans may be used for only one purpose, which the lender specifies. For example, the lender might say the loan may be used only to pay for home repairs, improvements, or property taxes. Most homeowners with low or moderate income can qualify for these loans. Proprietary Reverse Mortgages Proprietary reverse mortgages are private loans that are backed by the companies that develop them. If you own a higher-valued home, you may get a bigger loan advance from a proprietary reverse mortgage. So if your home has a higher appraised value and you have a small mortgage, you might qualify for more funds. Home Equity Conversion Mortgages (HECMs) HECMs are federally-insured reverse mortgages and are backed by the U. S. Department of Housing and Urban Development (HUD). Types of Reverse Mortgages As you consider whether a reverse mortgage is right for you, also consider which of the three types of reverse mortgage might best suit your needs. Single-purpose Reverse Mortgages Proprietary Reverse Mortgages Home Equity Conversion Mortgages (HECMs) HECMs generally give you bigger loan advances at a lower total cost than proprietary loans do. In the HECM program, a borrower generally can live in a nursing home or other medical facility for up to 12 consecutive months before the loan must be repaid. Taxes and insurance still must be paid on the loan, and your home must be maintained. With HECMs, there is a limit on how much you can take out the first year. Your lender will calculate how much you can borrow, based on your age, the interest rate, the value of your home, and your financial assessment. This amount is called your initial principal limit.

3 Reverse Mortgage Facts Reverse Mortgages Have Different Payout Options Reverse mortgages offer a variety of different options for you to tap your home equity. The Federal Housing Administration offers reverse mortgages with five different payment plans. One option involves taking equal monthly payments that run as long as one borrower remains alive and lives in the home as a principal residence. You can also choose a fixed term of years, after which time you ll stop receiving monthly payments even if you re still living in the home. A flexible line of credit is also available, giving you the option of choosing how much and when to take money out, up to the maximum amount of the line. In addition to those three options, you can combine lines of credit with the first two monthly-payment options. These two hybrid options allow you to use a portion of the available funding for a line of credit and receiving the rest through either of the two monthly-payment options. You Can Lose Your Home With a Reverse Mortgage Many aggressive reverse-mortgage lenders falsely state that retirees can t lose their homes with a reverse mortgage. While reverse mortgages do offer some protection to homeowners, they still require you to keep up your end of the bargain, and there are dire consequences if you don t. Reverse Mortgages Offer a Portion of Your Home Equity With a reverse mortgage, you don t have access to all the equity you have in your home. The FHA calculates the maximum mortgage amount based on the age of the youngest borrower, current interest rates, and the appraised value of your home. You also have to pay the costs of a reverse mortgage, including mortgage insurance premiums, third-party lender charges, and origination and servicing fees. Many lenders will work those costs into the loan amount they make available to you, reducing your net proceeds even further. There are Disreputable Lenders Out There Weak property values and increasing complaints about reverse mortgages have led to many lenders choosing to stop making the loans available. Bank of America, Wells Fargo, and MetLife have all exited the market in recent years, and smaller mortgage brokers and lenders have taken their place. While some of those smaller lenders are reputable, others can push you into loans that make it difficult for the borrower to even afford the maintenance and other costs they re required to pay under a reverse mortgage. Among the responsibilities of reverse-mortgage borrowers include paying for utilities, homeowners insurance, flood insurance, and real-estate taxes. Most lenders will keep a close eye on whether you keep up with those responsibilities, and if you don t, the lender can take action on the loan, with options that include foreclosure. The FHA has seen up to 70 percent of borrowers take out large lump sums in recent years rather than using the monthly payment option. Those retirees can quickly use up the money, and find themselves unable to handle the costs of keeping up their home.

4 Reverse Mortgage Rules and Requirements To qualify for a reverse mortgage loan, the youngest homeowner must be at least 62 years old, live in the home as their primary residence and have sufficient home equity. Borrowers must also meet financial eligibility criteria as established by HUD. Eligibility assessments use a Federal Housing Administration (FHA) calculation that considers among others, the following factors: Age of the youngest homeowner Current value of the property Balance on existing mortgage loans Interest rates Borrower Requirements Be 62 years of age or older Own the property outright or paid-down a considerable amount Occupy the property as your principal residence Not be delinquent on any federal debt Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc. Participate in a consumer information session given by a HUD- approved HECM counselor Property Requirements The following eligible property types must meet all FHA property standards and flood requirements: Single family home or 2-4 unit home with one unit occupied by the borrower HUD-approved condominium project Manufactured home that meets FHA requirements Financial Requirements Income, assets, monthly living expenses, and credit history will be verified. Timely payment of real estate taxes, hazard and flood insurance premiums will be verified For adjustable interest rate mortgages, you can select one of the following payment plans: Tenure equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence. Term equal monthly payments for a fixed period of months selected. Line of Credit unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted. Modified Tenure combination of line of credit and scheduled monthly payments for as long as you remain in the home. Modified Term combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

5 Pros & Cons of a Reverse Mortgage Advantages They re a source of cash. Borrowers can select that the amount of the loan be payable in a lump sum or regular payments. Proceeds are generally tax-free. Final tax treatment may rely on a variety of personal factors, so check with a tax professional. Generally, they don t impact Social Security or Medicare payments. Again, important to check personal circumstances. You won t owe more than the home is worth. Most reverse mortgages have a nonrecourse clause, which prevents you or your estate from owing more than the value of your home when the loan becomes due and the home is sold. Reverse mortgages may be a smarter borrowing option for some downsizing seniors.with proper advice, some borrowers use them to buy new homes. Disadvantages You may outlive your equity. Reverse mortgages are viewed as a last-resort loan option and certainly not a singular solution to spending problems. You and your heirs won t get to keep your house unless you repay the loan. If your children hope to inherit your home outright, try to find some other funding solution (family loans, other conventional loan products) first. Fees can be more expensive than conventional loans. Reverse mortgage lenders typically charge an origination fee and higher closing costs than conventional loans. This adds up to several percentage points of your home s value. Many reverse mortgages are adjustable rate products. Adjustable rates affect the cost of the loan over time. If you have to move out for any reason, your loan becomes due. If you have to suddenly move into a nursing home or assisted-living facility, the loan becomes due after you ve left your home for a continuous year.

6 Common Questions How does a reverse mortgage work? When does the reverse mortgage loan become due? Reverse mortgages allow a home owner to borrow equity. Instead of making payments to the lender, the lender makes payments to the borrower. How will the reverse mortgage loan eventually be repaid? Lenders get repaid when the owner either moves or dies, and the home is sold. HECMs are insured by the Federal Housing Administration, so if the sale price of the home falls short of the loan amount when this occurs, FHA pays the lender the difference. What are my payment obligations with a reverse mortgage? You will not have a mortgage payment. However you must continue to pay your: Property taxes Home insurance Basic home maintenance Are there any limitation on my funds? No, there are NO limitations. Your reverse mortgage funds can be used for anything. Most common are: Paying off existing mortgage Paying for medical bills Paying other debts, credit cards, and bills Home repair and improvement expenses Paying off property taxes and home insurance Supplementing your retirement portfolio Deferring Social Security to increase benefit Traveling Will I still own my home with a reverse mortgage? Yes. As long as you maintain your property taxes and home owner s insurance and otherwise comply with the terms of your loan, you will retain ownership of your home and may live there for as long as you wish. Your reverse mortgage becomes due when the last borrower: Sells or transfers the home Passes away Does not pay the home s property taxes or insurance Abandons the home permanently or for more than 12 consecutive months No longer occupies the home as the primary and principle residence Defaults under the terms of the reverse mortgage What happens if my home gains value? If you home gains property value, your equity will increase. If your home is sold and the reverse mortgage is paid back, the left over funds go back to your or your heirs. You also have the option to refinance and pull out the additional gained equity in your home. What happens if I pass away during my reverse mortgage loan before I receive the full amount of my loan? If you pass away during your loan, any part of your loan that has not already been sent to you, remains as equity in your home and therefore part of your estate. A reverse mortgage becomes immediately due after death. You heirs are given about twelve (12) months to sell the home. They also have the option to keep the home by paying off the reverse mortgage balance. Otherwise, when the home is sold the proceeds pay off the reverse mortgage first and the rest goes to your heirs. Will a reverse mortgage affect my Social Security, Medicare, or pension benefits? A reverse mortgage is considered loan proceeds and NOT income. However, Medicaid and SSI could possibly be affected.

7 Speak with a reverse mortgage adviser today. Get All Your Questions Answered Danny Glover - Human Rights Activist

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

Enhance Your Financial Security. With a Home Equity Conversion Mortgage

Enhance Your Financial Security. With a Home Equity Conversion Mortgage Enhance Your Financial Security With a Home Equity Conversion Mortgage 1 Call for Additional Information 925-258-0386 1 Unlock Your Home s Equity We understand that you want to transition easily into the

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

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

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

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

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

Enhance Your Financial Security. With a Home Equity Conversion Mortgage

Enhance Your Financial Security. With a Home Equity Conversion Mortgage Enhance Your Financial Security With a Home Equity Conversion Mortgage 1 Call for Additional Information 888.732.1005 1 Unlock Your Home s Equity We understand that you want to transition easily into the

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

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

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

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

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

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

The Facts. About Reverse Mortgages. without the hype

The Facts. About Reverse Mortgages. without the hype The Facts About Reverse Mortgages without the hype A reverse mortgage... Will it help me? Is it a good fit for my needs? Will I own my home? Do I qualify? Am I protected? These may be some of the thoughts

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

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

The Facts About Reverse Mortgages. without the hype

The Facts About Reverse Mortgages. without the hype The Facts About Reverse Mortgages without the hype A reverse mortgage... Will it help me? Is it a good fit for my needs? Will I own my home? Do I qualify? Am I protected? These may be some of the thoughts

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

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

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

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

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

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

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

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

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

A Smart Choice Learn How The New Reverse Mortgage May Fit Into Your Retirement Plan.

A Smart Choice Learn How The New Reverse Mortgage May Fit Into Your Retirement Plan. A Smart Choice Learn How The New Reverse Mortgage May Fit Into Your Retirement Plan. Retire With Confidence For years you ve planned for your retirement. Along the way, you ve made lots of smart decisions,

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

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

January 28, 2015 Kauffman Conference Center

January 28, 2015 Kauffman Conference Center January 28, 2015 Kauffman Conference Center Changing Housing Needs for Older Adults Reverse Mortgages: Opportunities and Challenges Pete Mendenhall, CRMP, CAPS North American Savings Bank Understanding

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

Reverse Mortgage Basics. Norma P. Garcia Senior Attorney Consumers Union May 28, 2012

Reverse Mortgage Basics. Norma P. Garcia Senior Attorney Consumers Union May 28, 2012 Reverse Mortgage Basics Norma P. Garcia Senior Attorney Consumers Union May 28, 2012 What is a reverse mortgage? It s a loan against the equity in an elder s home Instead of making monthly payments to

More information

What You Need to Know Before Considering a. Reverse Mortgage. Fair Housing Legal Support Center & Clinic

What You Need to Know Before Considering a. Reverse Mortgage. Fair Housing Legal Support Center & Clinic What You Need to Know Before Considering a Reverse Mortgage Fair Housing Legal Support Center & Clinic Reverse Mortgage Pros and Cons Pros A reverse mortgage may allow senior homeowners to age in place

More information

Reverse Mortgages: Explained

Reverse Mortgages: Explained Reverse Mortgages: Explained When To Recommend and When To Be Avoided Presented by Karl Parize Broker # 01364278 History of Reverse Mortgages During the 1970s, several private banks offered Reverse Mortgage

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 Published by THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION The National Reverse

More information

Understanding Home Equity Conversion Mortgages

Understanding Home Equity Conversion Mortgages Understanding Home Equity Conversion Mortgages Discover how to Unlock the Equity in your Home Reverse Lending Experts What Are Your Financial Goals? Are you on track to meet your retirement needs and satisfy

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

The Facts. About Reverse Mortgages. without the hype

The Facts. About Reverse Mortgages. without the hype The Facts About Reverse Mortgages without the hype A reverse mortgage... Will it help me? Is it a good fit for my needs? Will I own my home? Do I qualify? Am I protected? These may be some of the thoughts

More information

Reverse Mortgage Glossary of Terms

Reverse Mortgage Glossary of Terms Reverse Mortgage Glossary of Terms Acceleration Clause Adjustable Rate Annuity Appraisal Appreciation Available Principle Limit Change of Circumstance Closing Condemnation Correspondent Cost to Cure Credit

More information

Reverse Mortgages Overview

Reverse Mortgages Overview Reverse Mortgages Overview An Overview of Reverse Mortgages In 1987 President Ronald Reagan authorized the Department of Housing and Urban Development (HUD) to create the Home Equity Conversion Mortgage

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

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

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

The New Tool For Retirement Income Planning. Presented by: Becky Bell, Regional VP, Mortgage Banking

The New Tool For Retirement Income Planning. Presented by: Becky Bell, Regional VP, Mortgage Banking The New Tool For Retirement Income Planning Presented by: Becky Bell, Regional VP, Mortgage Banking Why Consider a Reverse Mortgage? Allows Clients to Take a Dormant Asset (Home Equity) and Put it to Work

More information

Understanding Home Equity Conversion Mortgages

Understanding Home Equity Conversion Mortgages Understanding Home Equity Conversion Mortgages Discover how to Unlock the Equity in your Home Stephen Gargano Manager NMLS # 64495 Reverse Mortgage Dept SEFCU MORTGAGE SERVICES 1131 Rte 55, Suite 4 Lagrangeville,

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

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

Complete Guide to Reverse Mortgages

Complete Guide to Reverse Mortgages Complete Guide to Reverse Mortgages Contents I. What Is a Reverse Mortgage? 2 Reasons for taking out a reverse mortgage 2 Differences between reverse and traditional mortgages 2 II. Where to Get Reverse

More information

Reverse Mortgage Guide

Reverse Mortgage Guide Reverse Mortgage Guide Reverse Mortgage Answers, LLC Find out why 25 years of experience makes a difference (800) 420-5515 www.rmanswers.com What is a Reverse Mortgage and How does it Work? A Reverse Mortgage

More information

Secure your financial future with a Reverse Mortgage today!

Secure your financial future with a Reverse Mortgage today! Secure your financial future with a Reverse Mortgage today! 1 What Are Your Retirement Goals? Are you on track to meet your needs and satisfy your wants, now and in the future? Pay off your existing mortgage*

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

U.S. Department of the Treasury Information Guide Regarding Reverse Mortgage

U.S. Department of the Treasury Information Guide Regarding Reverse Mortgage U.S. Department of the Treasury Information Guide Regarding Reverse Mortgage Federal Housing Administration U.S. Department of Housing and Urban Development Basics about Reverse Mortgages What is a reverse

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

L.K. Benson & Company Lyle Benson, CPA/PFS, CFP 1107 Kenilworth Dr, Suite 302 Baltimore, MD 21204 410-494-6680 lyle@lkbenson.com www.lkbenson.

L.K. Benson & Company Lyle Benson, CPA/PFS, CFP 1107 Kenilworth Dr, Suite 302 Baltimore, MD 21204 410-494-6680 lyle@lkbenson.com www.lkbenson. L.K. Benson & Company Lyle Benson, CPA/PFS, CFP 1107 Kenilworth Dr, Suite 302 Baltimore, MD 21204 410-494-6680 lyle@lkbenson.com www.lkbenson.com Reverse Mortgages Page 1 of 6, see disclaimer on final

More information

U.S. Department of the Treasury Information Guide Regarding Reverse Mortgage

U.S. Department of the Treasury Information Guide Regarding Reverse Mortgage U.S. Department of the Treasury Information Guide Regarding Reverse Mortgage Federal Housing Administration U.S. Department of Housing and Urban Development This Consumer Advisory on Reverse Mortgages

More information

Higgins Capital Management, Inc.

Higgins Capital Management, Inc. Higgins Capital Management, Inc. Deborah M. Higgins President and Founder 2223 Avenida de la Playa Suite 210 La Jolla, CA 92037 800-716-6510 858-459-7451 debbie@higginscapital.com www.higginscapital.com

More information

Secure your financial future with a Reverse Mortgage today!

Secure your financial future with a Reverse Mortgage today! Steve Rivas President Call me with any questions always here to help. (888) 944-6262 steve@wphomeloans.com www.wphomeloans.com Secure your financial future with a Reverse Mortgage today! 1 What Are Your

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

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

Table of Contents Reverse Mortgage O verview... Reverse Mortgage K ey Questions... 5 Reverse Mortgage Pros and Cons... 7 Reverse Mortgage Borr

Table of Contents Reverse Mortgage O verview... Reverse Mortgage K ey Questions... 5 Reverse Mortgage Pros and Cons... 7 Reverse Mortgage Borr 1 Table of Contents Reverse Mortgage Overview... Reverse Mortgage Key Questions... Reverse Mortgage Pros and Cons... Reverse Mortgage Borrower Qualification... Reverse Mortgage Key Items... Reverse Mortgage

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

A GUIDE TO. reverse mortgages. Live the retirement you dreamed

A GUIDE TO. reverse mortgages. Live the retirement you dreamed A GUIDE TO reverse mortgages Live the retirement you dreamed Guide Content 14What Is A Reverse Mortgage? 24How Do I Qualify? 34 What Can A Reverse Mortgage Be Used For? 44How Much Money Could I Qualify

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

Counseling Kit Overview

Counseling Kit Overview Counseling Kit Overview For More Information: Contact your Reverse Mortgage Advisor This Counseling Kit has been assembled to assist you in preparing for your required HUD counseling session. The Counseling

More information

for INCOME IN USING YOUR HOUSE RETIREMENT A retirement PLANNING GUIDE

for INCOME IN USING YOUR HOUSE RETIREMENT A retirement PLANNING GUIDE A retirement PLANNING GUIDE USING YOUR HOUSE for INCOME IN RETIREMENT It s something Americans increasingly need to consider. And increasingly need to do. A retirement PLANNING GUIDE By Steven Sass, Alicia

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

The following information is provided to you by U.S. Department of Housing and Urban Development.

The following information is provided to you by U.S. Department of Housing and Urban Development. The following information is provided to you by U.S. Department of Housing and Urban Development. Attachment C: Resources for Clients C.1 Important Information about Reverse Mortgage Counselors C.2 Reverse

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

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

THE FHA REVERSE MORTGAGE PROGRAM:

THE FHA REVERSE MORTGAGE PROGRAM: THE FHA REVERSE MORTGAGE PROGRAM: HELPING TEXAS SENIORS FINANCE RETIREMENT WITH THEIR OWN RESOURCES By: W. Scott Norman NMLS #543236 Sente Reverse Mortgage 901 S. MoPac, Building 4, Suite 125 Austin, Texas

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

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

Concierge Financial Planning, LLC Prepared for: December 01, 2014

Concierge Financial Planning, LLC Prepared for: December 01, 2014 Concierge Financial Planning, LLC Ann Minnium, CFP Principal 1371 Cooper Road Scotch Plains, NJ 07076 Tel: 908-756-3553 Fax: 908-756-1197 ann@conciergefp.com www.conciergefp.com Reverse Mortgages Prepared

More information

1-800-555-5555. 800-818-2946 www.com

1-800-555-5555. 800-818-2946 www.com Call our our Senior Senior Helpline Call Helplinetoday: today: 1-800-555-5555 800-818-2946 www.com Advisor: Stuart Hindemit Please consult with your tax advisor. Borrower must continue to pay for property

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

Key Points: Conventional Loans:

Key Points: Conventional Loans: Key Points: Conventional Loans: Less regulation and more discretion than government loans. Can be cheaper than FHA and VA because FHA requires 2 mortgage insurances and VA requires VA funding fee. Sometimes

More information

REVERSE MORTGAGE. for purchase. A guide for home buyers

REVERSE MORTGAGE. for purchase. A guide for home buyers REVERSE MORTGAGE for purchase A guide for home buyers ARE YOU Downsizing or moving into a more suitable home? Having trouble qualifying for traditional financing? Tired of monthly mortgage payments? Your

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

info sheet Selecting a Reverse Mortgage

info sheet Selecting a Reverse Mortgage info sheet Selecting a Reverse Mortgage Many older people are house-rich and cash-poor. They own a home, free and clear, that may be worth hundreds of thousands of dollars. Yet they have little income

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

Money from Home. A Guide to Understanding Reverse Mortgages

Money from Home. A Guide to Understanding Reverse Mortgages Money from Home A Guide to Understanding Reverse Mortgages Our Business Is The American Dream At Fannie Mae, we are in the American Dream business. Our Mission is to tear down barriers, lower costs, and

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

Reverse Mortgage Nightmares Should Never Happen Top 10 Misconceptions About Reverse Mortgages 14

Reverse Mortgage Nightmares Should Never Happen Top 10 Misconceptions About Reverse Mortgages 14 Reverse Mortgage Nightmares Should Never Happen Top 10 Misconceptions About Reverse Mortgages 14 Searching online for information about reverse mortgages, I came across article after article about how

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

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

Reverse Mortgage Counseling Checklist

Reverse Mortgage Counseling Checklist Reverse Mortgage Counseling Checklist Have these items available for your counseling session... - Loan Comparison Page The calculator loan results is an estimate of available reverse mortgage programs

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 Mortgages. The pit-falls and how to avoid them. Dangerous to your health?

Reverse Mortgages. The pit-falls and how to avoid them. Dangerous to your health? Every Mortgage Payment Added to Your Equity YOUR HOME IS A GIANT PIGGY BANK Reverse Mortgages Dangerous to your health? The pit-falls and how to avoid them Bob Adams, Director InvestEd Inc. Associate Director,

More information

House Rich and Cash Poor: Ways to Unlock Your Home s Value

House Rich and Cash Poor: Ways to Unlock Your Home s Value House Rich and Cash Poor: Ways to Unlock Your Home s Value Avenidas Housing Conference, March 10, 2012 Barbara Krimsky Binder, CFP, BKB Financial Advisors Does This Describe Your Situation? - You bought

More information

Reverse Mortgage Education

Reverse Mortgage Education Reverse Mortgage Education Preface As people are continually living longer, they must plan financially to make sure their money outlives them, instead of outliving their money. As pension plans get cut

More information

Reverse Mortgage Loans: Learn how and why a reverse mortgage may be a useful option to help you stay in your home

Reverse Mortgage Loans: Learn how and why a reverse mortgage may be a useful option to help you stay in your home Reverse Mortgage Loans: Learn how and why a reverse mortgage may be a useful option to help you stay in your home In 2010, over 80 percent of individuals 65 and over owned a home according to the U.S.

More information

HELPING YOUR CLIENTS USE THEIR HOME TO STAY AT HOME REVERSE MORTGAGES AND ESTATE PLANNING

HELPING YOUR CLIENTS USE THEIR HOME TO STAY AT HOME REVERSE MORTGAGES AND ESTATE PLANNING HELPING YOUR CLIENTS USE THEIR HOME TO STAY AT HOME REVERSE MORTGAGES AND ESTATE PLANNING Presented By Doni Dolfinger Reverse Mortgage Specialist UNDERSTANDING REVERSE MORTGAGES Your client s home is many

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

About Mortgage Market Corp

About Mortgage Market Corp About Mortgage Market Corp Mortgage Market Corp. works with a variety of lenders and with this being one of the largest financial decision s that you will make, selecting the right mortgage program to

More information

Enjoy Retirement In Your Dream Home. Home Equity Conversion Mortgage for Purchase Guide

Enjoy Retirement In Your Dream Home. Home Equity Conversion Mortgage for Purchase Guide Enjoy Retirement In Your Dream Home Home Equity Conversion Mortgage for Purchase Guide At Towne, we recognize the unique financial needs of the senior community. A Home Equity Conversion Mortgage (HECM)

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