Seniors Reverse Mortgage Fact File and Answers to Frequently Asked Questions

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

2 Is a reverse mortgage a good financial solution for you? It well may be. With multiple planning options now available, the mortgage that pays you could prove ideal as it has for a great many American seniors, for all manner of purposes and retirement plans. This document contains objective, factual, up-to-date information. It explains what a reverse mortgage is, answers frequently asked questions (and some asked less frequently than they should be), and it presents the facts versus common misinformation and myths regarding reverse mortgages. A reverse mortgage can be the safe and well-priced answer to your financial needs or plans. But a good decision begins with good information. You ll find that here. Malcolm S. Tennant NMLS# Access Reverse Mortgage Corp.. All rights reserved. Corporate NMLS# Access Reverse Mortgage Corp.. All rights reserved.

3 Index of contents 1. Frequently Asked Questions Page What is a reverse mortgage? Who qualifies for a reverse mortgage? How does a reverse mortgage differ from a traditional 4 5 home equity loan? Can the reverse mortgage lender take title? How long does it normally take to complete the reverse mortgage? How much money can I get with a reverse mortgage? 6 How do I receive my money from a reverse mortgage? How can I use the money from a reverse mortgage? 7 What are the costs and fees? What is my out-of-pocket cost? As my home appreciates during the loan s term, who is entitled to that money? Is it possible for my loan balance to become greater than the value of my home? When do I have to pay back the loan? How will a reverse mortgage affect my estate? 9 Is the heir or last surviving borrower forced to sell the property to repay the reverse mortgage loan? Must I pay income tax on my reverse mortgage loan? 8 How will a reverse mortgage affect my Social Security and Medicare benefits? What should I know about interest rates? Reverse Mortgage Myths vs Facts Different needs different loan plans The Access Reverse Advantage Access Reverse Mortgage Corp.. All rights reserved.

4 1. Frequently Asked Questions What is a reverse mortgage? This mortgage pays you... the reverse of a regular mortgage. A reverse mortgage (also known as Home Equity Conversion Mortgage or HECM) is a special type of home loan, designed specifically for seniors 62 or older. The loan enables homeowners to convert a portion of the equity in their home into tax-free income * or cash without having to sell their home, give up the title, or make monthly mortgage payments*. Consult your Tax Advisor. Plans are not all available in all states. Unlike traditional home equity loans or a second mortgage, no monthly mortgage repayment is required until the borrower(s) are deceased, move away, or sell the home*. *You are required to pay property taxes, maintain the home, and maintain adequate insurance coverage. Failure to do so may result in foreclosure. Many seniors use a reverse mortgage to supplement Social Security, meet unexpected medical expenses, make home improvements, provide security against unexpected events, or to make retirement dreams a reality. The money can be used any way you wish. Who qualifies for a reverse mortgage? There are NO credit requirements, NO income requirements, and NO health requirements. To be eligible for a reverse mortgage, HUD's Federal Housing Administration (FHA) requires that: The borrower is the homeowner; The borrower is 62 years of age or older; The borrower owns the home outright, or has a mortgage balance that can be paid off with the proceeds; The borrower must live in the home. You are further required to receive consumer information from a HUD-approved counseling agency before obtaining the loan Access Reverse Mortgage Corp.. All rights reserved.

5 How does a reverse mortgage differ from a traditional home equity loan? Both programs let you convert your home s equity into cash. With a traditional second mortgage, or home equity loan You must meet all of the lender's credit and income standards. You must have sufficient income versus debt ratio. You must make monthly payments that begin immediately and continue until the entire loan, including all interest, is repaid. Should you ever fail to make the necessary monthly payments, the lender could foreclose on you, forcing sale of your home. With a reverse mortgage Your credit and income ARE NOT factors in the approval process. With a reverse mortgage, there are NEVER any monthly payments.* You do not make monthly payments your reverse mortgage can pay you.* *You are required to pay property taxes, maintain the home, and maintain adequate insurance coverage. Failure to do so may result in foreclosure. Can the reverse mortgage lender take title? No. Absolutely not.* You, the borrower, retain title to your home. Your home will remain part of your estate. *You are required to pay property taxes, maintain the home, and maintain adequate insurance coverage. Failure to do so may result in foreclosure. How long does it normally take to complete the reverse mortgage process? Some lenders take as long as 90 days to close a reverse mortgage. The issue is that, throughout this time, the home-owner continues making any mortgage payments, without certainty of qualifying for the originally estimated available funds. A speedier reverse mortgage closing could mean a difference of thousands of dollars to you. (Access Reverse Mortgage can usually have a loan ready to close within 3 to 4 weeks or sooner.)

6 How much money can I get with a reverse mortgage? The amount you can borrow with a reverse mortgage is determined by: Your age; Your home's value and location; The type of reverse mortgage you select; The appraised value of your home, or the nationwide FHA lending limit (currently set at $625,500), whichever amount is smaller; Current interest rate; Other loan fees. In most cases, the older you are, and the more valuable your home, the more money you can receive. You can select to receive your money through monthly payments, a line of credit, a lump sum, or some combination of these. How do I receive my money from a reverse mortgage? It s your choice. With most reverse mortgages, you can pick the most suitable or useful method from a range of options. Receive the money immediately as a lump sum. Receive equal monthly payments for as long as one of the borrowers occupies the property as their principal residence. Receive equal monthly payments for a fixed period of months. Get a line of credit and take funds at times, and in amounts, of your choosing, until the line of credit is exhausted. This is the most popular option, chosen by over 60% of Access Reverse Mortgage borrowers. Receive a combination of line of credit and monthly payments for as long as the borrower remains in the home. Or receive a combination of the above options.

7 How can I use the money from a reverse mortgage? You can use it for any purpose or purposes you choose. Receive a lifelong monthly income Pay off existing debts or mortgage Home improvements Pay health care expenses Pay taxes and insurance Pay daily living expenses Take a dream vacation Financial security blanket" against the unexpected Simply, there are NO restrictions on how you use your money. What are the costs and fees? Costs associated with a reverse mortgage are similar to those for a traditional mortgage. Most reverse mortgages have an origination fee, closing costs (title search and exam, etc.), FHA mortgage insurance premium, and a monthly servicing fee. These charges are paid by the reverse mortgage itself, making them no immediate burden to the borrower. Your only out of pocket expenses may be for counseling and an appraisal. What is my out-of-pocket cost? One of the major benefits of a reverse mortgage is that you can use the money you get to pay the various fees and costs. All costs are simply added to your loan balance, with the possible exception of the appraisal and counseling, which may require payment upfront. You pay the financed costs, plus interest, when the loan becomes due. Reverse mortgages vary in features, benefits and costs. If you are considering a reverse mortgage, be sure to ask the lender or counselor to explain the Total Annual Loan Cost for various reverse mortgage products.

8 As my home appreciates during the loan s term, who is entitled to that money? Under the FHA Home Equity Conversion Mortgage Program, you are required to pay back ONLY the outstanding balance of the loan. All remaining equity in your home following repayment will go to you or, upon your passing, to your heirs or estate. Am I leaving a mess for my heirs? No. Your heirs will have the ability to either pay off the reverse mortgage and keep your home, or they may choose to sell the home. Either way, the reverse mortgage is paid off and they keep either the remaining equity or the remaining proceeds from the sale of the home. Further, the reverse mortgage is what is known as a "non-recourse" loan so the lender cannot seek repayment from your income, your other assets, or your estate. In other words, your home stands for the debt. When do I have to pay back the loan? The loan becomes due and payable if one or more of the following conditions occurs: 1. The last surviving borrower passes away or sells the home. 2. All borrowers move out of the home permanently. 3. The last surviving borrower fails to live in the home for 12 consecutive months due to physical or mental illness. 4. The borrower fails to pay property taxes or insurance. 5. The borrower allows the property to deteriorate beyond what is considered reasonable wear and tear, and does not correct the problems. You cannot outlive the loan. The loan does not have to be repaid as long as one borrower continues to live in the house, and keeps the taxes paid and insurance in force.* (Answer continued on next page)

9 You are required to pay property taxes, maintain the home, and maintain adequate insurance coverage. Failure to do so may result in foreclosure. If you sell your home, the outstanding mortgage balance is due and payable. You will keep all proceeds exceeding your mortgage balance. There are no prepayment penalties on a reverse mortgage. How will a reverse mortgage affect my estate? None of your other assets are affected by a reverse mortgage loan. When you sell your home, or you move out permanently, you or your estate must repay the lender for the cash received from the reverse mortgage, plus interest and service fees. Any remaining equity belongs to you or to your heirs. Is the heir or last surviving borrower forced to sell the property to repay the reverse mortgage loan? No. As long as one borrower maintains the property as their primary residence they will not need to repay the Reverse Mortgage. Must I pay income tax on my reverse mortgage loan? No. Reverse mortgages are considered as loan advances and not income. The IRS considers them to be non-taxable. Payments from a reverse mortgage may impact Medicaid, and rarely SSI or Medicare. We recommend that you consult an elder law attorney on your specific situation.

10 We recommend that you discuss the impact of a reverse mortgage on federal, state or local assistance programs with a professional advisor, such as your local Area Agency on Aging (toll free at ), your tax attorney, or an independent reverse mortgage consultant. What should I know about interest rates? Interest rates for reverse mortgages are calculated using a formula set by the federal government. The interest rate at the time of closing your Reverse Mortgage loan is the initial rate for the loan. Some interest rates for reverse mortgages are adjustable, and will vary according to the financial market conditions. Access Reverse Mortgage also offers a Fixed Rate option which is suitable for certain situations. Please consult with your Access Reverse Mortgage specialist to determine which interest rate option is right for you.

11 2. Reverse Mortgage Myths vs Facts MYTH # 1: The lender will own my home FACT: The Lender does NOT take control of the title.* You and your family or your estate retain ownership of your home. The home must be in, and REMAIN in, the name of the borrowers only. The lender's interest is limited to the outstanding loan balance ONLY. MYTH # 2: Reverse mortgage lenders just want to sell my house FACT: The opposite is true. The lender s goal is for you to keep your home and maintain your financial independence. The loan becomes due ONLY if/when you decide to sell your home, move away, or upon the death of the borrower or borrowers.* MYTH # 3: Your heirs will be saddled with the loan FACT: A reverse mortgage is a non-recourse loan. The lender can derive repayment of the loan ONLY from the proceeds of the sale of the property. MYTH # 4: My children may owe more than the house is worth FACT: The repayment amount of a reverse mortgage CANNOT exceed the home s value even if the home value decreases, or the borrower lives to an extremely old age. MYTH # 5: There are income, credit, or health requirements FACT: There are NO health requirements, NO credit requirements, NO income requirements for qualifying to obtain a reverse mortgage. *You are required to pay property taxes, maintain the home, and maintain adequate insurance coverage. Failure to do so may result in foreclosure Access Reverse Mortgage Corp.. All rights reserved.

12 MYTH # 6: A reverse mortgage requires monthly payments FACT: There are NEVER any monthly payments. You are responsible only for paying taxes, insurance, and general upkeep of the home. MYTH # 7: Your home must be debt free to qualify FACT: You may have a mortgage or other debt on your home. If so, it must be paid off first with the proceeds of the reverse mortgage. MYTH # 8: Only "cash poor" or desperate seniors can benefit FACT: Not so. Some seniors may have a greater need for the cash or monthly income. A reverse mortgage can serve them well just as it serves as an excellent financial or estate planning tool for many others. MYTH # 9: Reverse mortgages cost more than other mortgages FACT: Closing costs average only about one percent (1%) more than a regular FHA mortgage obtained on the same property. Compared to many other conventional mortgages, the reverse mortgage could actually be lower in cost and have a lower interest rate. Conventional mortgages can charge more than the two percent (2%) origination fee allowed on all Reverse Mortgages (which are regulated closely by FHA). MYTH # 10: Your house needs too many repairs to qualify FACT: As part of the process of getting a reverse mortgage, an FHAlicensed appraiser performs a property appraisal. In estimating the home value, the appraiser lists any repairs required to bring the home up to FHA property standards. Repairs can usually be carried out and paid for by the reverse mortgage loan Access Reverse Mortgage Corp.. All rights reserved.

13 The Access Advantage Vast experience We are a company of reverse mortgage specialists highly knowledgeable professionals, with many years experience in helping seniors find the right reverse mortgage solution for their particular needs. We understand that our clients are each unique in their concerns or dreams. We know there s a great deal of misinformation out there regarding reverse mortgages. And we believe that we are responsible for ensuring that our clients have all the answers and expert advice they need to make well informed decisions. Broad plan selection We offer a wide selection of reverse mortgage plans from every major reverse mortgage wholesale lender, including all variations of the FHA HECM including HECM LIBOR, CMT, and Fixed Rate. From this selection, we can recommend the reverse mortgage plan best suited to your personal requirements or circumstances, including such factors as low rate, low closing costs, fixed rate and highest proceeds. Speedy turnaround We can usually have your loan ready to close in 3 to 4 weeks, sometimes sooner. This compares with the up-to-80-days closing more typical of other lenders. Rates could change and your mortgage payment come due while you wait to learn whether you have qualified for the originally estimated funds. Our quick, efficient processing of your reverse mortgage could mean a difference of thousands of dollars to you.

14 Award-winning Personal Service We believe in old-fashioned personal service. Person to person. Full confidentiality. No obligation. No pressure. When you contact Access Reverse for our complimentary advisory, we will meet with you in the privacy of your home. Our role is to listen, understand, explain and advise and use our extensive knowledge and experience to help you make a fully informed decision on whether or not a reverse mortgage is the right solution for you. If you decide that it s the right answer for you, we guide you through the wide selection of programs available, and work with you to customize your best financial options. Then we work fast and hard to secure your closing within 3 to 4 weeks. We re very pleased that our commitment earns industry recognition, such as Bank of America s 2007 and 2008 Outstanding Customer Service award, but we re most pleased by the award of our clients thanks. We hope you ve found our Knowledge Center materials useful and valuable. Visit us to learn more, at Or call us toll free, at Access Reverse Mortgage Corp.. All rights reserved.

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