The 5 Facts You Need to Know about FHA-insured Reverse Mortgages aka HECMs
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1 The 5 Facts You Need to Know about FHA-insured Reverse Mortgages aka HECMs Paul Pomeroy paul.pomero@reversefunding.com 1 A HECM by any other name 99% of Reverse Mortgages are... Home Equity Conversion Mortgages or HECMS Nonrecourse Protection Crossover Risk Line of Credit Growth 2 1
2 BIG NEWS for clients 62 or older FHA HECM with $125 One time Cost + $420 Annual fee Low cost HECM provides tax free cash $1,268 per month for as long as client lives in home $443,880 $295,920 $147, Based on $1,268 monthly payment for 62 year old with home value of $400,000. Monies are net of annual service fees. 3 HECM Credit Line: $252, year old Client with $500,000 Home $861,655 $252,083 $468,323 1 NOTEWORTHY: Line grows EVEN if Home Value goes to $0. 2 Line is still in force if one spouse passes. Inception Year 10 Year 20 Credit line amounts in year 10 & 20 are net of service fees. Credit Line 4 2
3 HECM LOC vs. HELOC HELOC HECM LOC Line growth? No Yes Cancelable? Yes No Requires repayment? Yes No Age restriction? None 62 5 How much could your client receive? Below are estimates for Reverse Mortgage Payments Age Estimated Home Value $150,000 $250,000 $400,000 $625, Monthly Payment: $388 Credit Line: $78,600 Monthly Payment: $656 Credit Line: $131,000 Monthly Payment: $1,062 Credit Line: $209,600 Monthly Payment: $1,685 Credit Line: $327, Monthly Payment: $464 Credit Line: $86,400 Monthly Payment: $784 Credit Line: $144,000 Monthly Payment: $1,268 Credit Line: $230,400 Monthly Payment: $2,010 Credit Line: $360, Monthly Payment: $537 Credit Line: $92,100 Monthly Payment: $905 Credit Line: $153,000 Monthly Payment: $1,463 Credit Line: $245,600 Monthly Payment: $2,316 Credit Line: $384, Monthly Payment: $644 Credit Line: $98,500 Monthly Payment: $1,086 Credit Line: $164,250 Monthly Payment: $1,754 Credit Line: $262,800 Monthly Payment: $2,774 Credit Line: $410,954 Estimates are based on current interest rates as of January 30, Actual amounts available will vary based on a client s age, home value, and current interest rates. 3
4 HECM Strategies for Retirement 7 Funding Longevity: HIGH Withdrawal rates can erode $1 million nest egg 62 year-old couple with $1 million portfolio, Social Security benefits and $450,000 home. Monthly living expense is $6,000 and life expectancy is 91 (husband)and 93 (wife). (Projections below assume 8.75% annual investment return and 4.22% annual inflation rate) Withdrawal Rate Portfolio Longevity Probability of Success Current Scenario 15% 28 <40% *Add HECM Tax-free Cash 3% 31 82% *Assumes $1,300 monthly payment is added to client s plan. 8 4
5 Mortgage Payments in Golden Years: Create High Withdrawal rates Couple, 64 and 70 -old, with $880,000 portfolio, Social Security benefits and $425,000 home and $198,000 in mortgages. Monthly living expense is $8,000 and life expectancy is 90 (husband)and 93 (wife). (Projections below assume 5% annual return and 2% annual inflation rate) Withdrawal Rate Portfolio Longevity Probability of Success Current Scenario 17% 14 <40% Refi with HECM* 3% 26 91% *Eliminate $2,000 monthly mortgage payment 9 Rightsizing: Use HECM to Buy $500,000 Home and Add $250,000 to Plan 62 year-old couple net $500,000 from the sale of home. Couple can pay all cash for new home, i.e. $500,000. Or, they can use $250,000 from sale proceeds + $250,000 from HECM Purchase to purchase home. Result: they can add $250,000 to their $1 million portfolio. (Projections below assume: monthly living expense is $6,000; life expectancy is 91 (husband)and 93 (wife). 8.75% annually investment return and 4.22% annual inflation rate) Withdrawal Rate Portfolio Longevity Probability of Success Pay $500k Cash for New Home 15% 28 <40% *Buy Home with HECM and Add $250k to Plan 5% 31 80% 10 5
6 Sample Client Cases: Income and Cash Flow Case 1: Clients that Need Additional Income Situation: 71 year old couple with $500,000 Investment Portfolio but still working part time. Solution: Use $99,000 HECM credit line to provide extra income, as needed. OR, have available credit line that may increase to $130,000 in 5 and $170,000 in 10. Result: Client can finally retire! Case 2: Clients with Monthly Cash flow Challenge Situation: 64 and 70 year old couple has $2,000 monthly mortgage with 9.5 of payments. Solution: Use HECM to refinance $200k in mortgages and eliminate $2,000 payment. Result: Client s portfolio longevity is extended by Sample Client Cases: Emergency and Flexibility Case 3: Clients with NO Long Term Care Insurance ( LTCi ) Situation: 67 year old couple with modest IP, receiving Social Security and NO LTCI Solution: $151,000 HECM Credit Line that grows to $280,000 in year 10 and $520,000 in year 20). Result: Client has a safety net accessible for in home health care needs. Case 4: Clients Downsizing that Need Additional Income Situation: 67 year old couple sell home for $600,000 and purchasing $450,000 condo. Clients have $600,000 IP and need more guaranteed income. Solution: Clients pay $209,000 in cash and finance $241,000 with a HECM Purchase loan for their $450,000 purchase instead of paying all cash. Clients have NO monthly payment on HECM. Result: Clients (and advisor) use extra $241,000 to generate $1,174 in guaranteed income with singlepremium annuity. 12 6
7 Seniors have 2X the Purchase Power with HECM Purchase Lesser of Purchase Price or Appraised Value AGE $325,000 $350,000 $400,000 $450,000 Funds From Borrower* 62 $167,809 $180,546 $206,022 $231, $155,460 $167,246 $190,822 $214, $147,335 $158,496 $180,822 $203, $140,510 $151,146 $172,422 $193,698 * Closing Cost estimates from $13,759 $18,197 * HECM 5.06 Fixed with full disbursement * Estimates are based from a property in NJ on 4/22/14. Where does a HECM fit Client First Strategies Social Security Deferral Portfolio Management: Standby Line as 3 rd Bucket CashFlow: Payoff First Mortgage or HELOC Downsizers can use HECM to Purchase Home Reduce IRA Distributions (and Taxes) that Exceed RMDs Outliving their Assets: Are your clients in the Confidence Zone? 14 7
8 For More Information Paul Pomeroy (503) Additional HECM Facts 16 8
9 FHA-insured HECM Program FHA-insured HECMs (Home Equity Conversion Mortgages) are a way for homeowners, 62 and over, to access equity they have in their homes. Must be primary home and currently lived in, can be out 365 consecutive days. Single family property, HUD-approved condo, or up to 4-unit home. Proceeds can be used to purchase 2 nd home or other property. Can be used to payoff first mortgage or HELOC. Clients downsizing can use HECM to finance part of purchase! 17 Benefit Payment Options Lump Sum A withdrawal of your available benefit at loan closing (the entire amount or a partial amount), typically to pay off your existing mortgage balance, if any, and to provide cash. Fixed Monthly Payments Tenure A fixed monthly payment for as long as you remain in the home. Term A fixed monthly payment for a specific term that the borrower determines. Line of Credit A credit line the borrower can access at any time. The unused balance has a growth feature, which means the borrower will have access to additional benefits the longer they remain in their home. Unused Line GROWS over time. A Combination of Any of These Options HECMs cannot be called or cancelled as long as requirements are met. 18 9
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