Reverse Mortgage Benefit Comparison

Transcription

1 January 12, 2013 Reverse Mortgage Benefit Comparison Loan #: Rates On: 01/12/2013 County: Seminole Fixed Borrower Rate Info: Saver Program with NO ORIGINATION Est. Closing: FEE &.01% 03/13/2013 UPFRONT FHA Youngest Mortgage 01/01/1948 Insurance Premium Birth Date: Lowest Rate and Cost Loan Terms Saver Fixed-5.06% C Initial Index Rate: 5.060% Margin: -- Initial Interest Rate: 5.060% Annual M.I.: 1.250% Expected Interest Rate: 5.060% Rate Cap: -- Credit Line Growth Rate: -- Monthly Service Fee:.00 Home Value: $625, Purchase Price: $200, $625, Lesser of Home Value or Purchase Price $625, $200, Home Value Limit: $625, Lesser of Home Value/Purchase Price/Home $625, Value Limit: Principal Limit: $332, Less Service Fee Set Aside: (Equity Reserve).00 Available Principal Limit: $332, Plus Lender Credit:.00 Less Origination Fee:.00 Less Mortgage Insurance: $62.55 Less Other Closing Costs: $10, Total Net Closing Costs: $10, Net Available Loan Proceeds: $321, Less Tax/Insurance Set Aside: -- Less Repair Set Aside: -- Less Purchase Price: $625, $200, Total Down Payment Amount: -- Net Principal Limit: ($303,580.35) Cash Due from Borrower $303, Desired Credit Line: -- Monthly Payment: -- Monthly Term: -- Monthly Savings: -- The figures on this page are estimates based on a variety of assumptions that are subject to change, including an interest rate date of 01/12/2013, program home value limits as of 01/12/2013, and the youngest borrower s birth date of 01/01/1948. Total compensation to the broker may increase or decrease for adjustable rate loans depending on multiple factors, including the interest rate selected. Ì GEN000uÎ Finale Document Services /11 LPC

2 Title Company Settlement Charges ESTIMATE Name: Borrower Name Reverse Mortgage Max Loan: 625, HUD-1 Line GFE / HUD Recorded Mortgage Amount(150%): 938, Title+Lender 1) Closing Fees GFE #4 / 1101 Settlement Fee $ 4, ) Title Insurance Rates for $ , per $1000 (min $100) ,000-1 million $5.00 per $1000 2, Million 2.50 per $ million 2.25 per $1000 Over 10 million 2.00 per $1000 Owners Title Summary: Simultaneous Policy (i.e.. Owner & Loan Policies) GFE #5 / 1103 Insurance Rate: 3, $ 3, Insurance Endorsements ALTA 4.1 Condo ($25) - ALTA 5.1 PUD ($25) x ALTA 6.0 Negotiable Rate Mortgage ($25) - ALTA 6.1 Variable Rate Mortgage ($25) - ALTA 6.2 Negative Amortization Mortgage ($25) - ALTA 7.0 Manufactured Housing ($25) - ALTA 8.1 Environmental Protection Liens ($25) x Florida Form 9 (10% of insurance rate) (MP) x Reverse Mortgage x ) State Doc Stamps / Tax Note.35 per $100 or fraction on $ , Tfr Taxes Mortgage Intangible =.002 x $ , GFE #8 / , $ 5, ) Recording Fees Mortgage to Bank Pages: Mortgage to HUD Pages: Recording ea Qty: GFE #7 / $ ) Third Party Fees Estimates Services Survey (no survey required for condo) x GFE #6 / 1301* Pest Inspection 1303 $ Roof Inspection 1304 Estoppel Fee ($75-$300) (Condo or H.O.A.) 1305 Title Company Settlement Charges 1) Settlement Fee and Title Examination ) Total Insurance Premiums 3, ) Doc Stamps and Intangible Tax 5, ) Recording Fees ) Third Party Fees Total Estimate Non Lender Closing Cost 10, $ 10, MP = Mortgage Policy Mortgage Lender & FHA UPFRONT MIP Settlement Charges - Counseling Origination: Variable Rate (with Saver Plan) - Doc Prep Origination: Fixed Rate (with Saver Plan) x 0.00 Flood Cert Credit Report Saver Plan UPFRONT.01% MIP x Appraisal Total Estimate Lender Closing Cost + Total Other Costs Total Other Costs: Total Estimate Non Lender plus Lender Closing Costs 10, * Charges That Can Change Unless Selected by Lender

3 FHA's Home Equity Conversion (HECM) Loan HECM Fixed Date: January 12, 2013 Estimated Amortization Schedule for: Loan Number: This Schedule Assumes an Interest Rate of 5.060% and Home Price Appreciation of 4.0% Additional Assumptions: Age of Youngest Borrower: 65 Financed Closing Cost: $ 10, Initial Cash Withdrawal: $ 0.00 Monthly Cash to Homeowner: $ 0.00 Due from Borrower at Closing: $ 303, Monthly Servicing Fee: $ 0.00 Lien Payoffs: $ 321, Notes: Actual interest charges and home value projections may vary from amounts shown. Cash To Homeowner includes monthly cash, creditline draws and any tax and insurance payments made from set-aside. Available credit will be less than projected if funds are withdrawn from the line-of-credit. Year Age Service Fee Cash Adv. MIP Interest Loan Balance Remaining Credit Line Principal Limit Home Value Net Equity $4,282 $4,560 $4,856 $5,172 $5,508 $5,866 $6,247 $6,652 $7,084 $7,545 $8,035 $8,557 $9,112 $9,704 $10,335 $11,006 $11,721 $12,482 $13,293 $14,157 $15,076 $16,055 $17,098 $18,209 $19,392 $20,652 $21,993 $23,422 $24,943 $26,563 $28,289 $30,126 $32,083 $34,167 $17,334 $18,460 $19,659 $20,936 $22,295 $23,744 $25,286 $26,929 $28,678 $30,541 $32,524 $34,637 $36,887 $39,283 $41,835 $44,552 $47,446 $50,528 $53,811 $57,306 $61,028 $64,993 $69,214 $73,710 $78,498 $83,597 $89,028 $94,811 $100,969 $107,528 $114,513 $121,951 $129,873 $138,309 $332,766 $354,382 $377,401 $401,916 $428,024 $455,827 $485,436 $516,969 $550,550 $586,312 $624,397 $664,956 $708,150 $754,149 $803,137 $855,306 $910,865 $970,032 $1,033,043 $1,100,146 $1,171,609 $1,247,713 $1,328,761 $1,415,074 $1,506,994 $1,604,884 $1,709,133 $1,820,153 $1,938,385 $2,064,298 $2,198,389 $2,341,190 $2,493,267 $2,655,223 $2,827,699 $332,766 $354,382 $377,401 $401,916 $428,024 $455,827 $485,436 $516,969 $550,550 $586,312 $624,397 $664,956 $708,150 $754,149 $803,137 $855,306 $910,865 $970,032 $1,033,043 $1,100,146 $1,171,609 $1,247,713 $1,328,761 $1,415,074 $1,506,993 $1,604,884 $1,709,132 $1,820,153 $1,938,385 $2,064,297 $2,198,389 $2,341,190 $2,493,267 $2,655,223 $2,827,699 $625,500 $650,520 $676,541 $703,602 $731,747 $761,016 $791,457 $823,115 $856,040 $890,282 $925,893 $962,929 $1,001,446 $1,041,503 $1,083,164 $1,126,490 $1,171,550 $1,218,412 $1,267,148 $1,317,834 $1,370,548 $1,425,369 $1,482,384 $1,541,680 $1,603,347 $1,667,481 $1,734,180 $1,803,547 $1,875,689 $1,950,716 $2,028,745 $2,109,895 $2,194,291 $2,282,062 $2,373,345 $292,734 $296,138 $299,140 $301,686 $303,723 $305,189 $306,021 $306,146 $305,490 $303,970 $301,496 $297,973 $293,296 $287,354 $280,027 $271,184 $260,685 $248,380 $234,105 $217,688 $198,939 $177,656 $153,623 $126,606 $96,353 $62,597 $25,047 Ì GEN104\Î Finale Document Services /06 Application Date: 01/12/2013 Page 1 of 2 HECM Amortization Schedule

4 HUD Approved HECM Counseling Agencies National Counseling Agencies FLORIDA National Foundation for Credit Counseling, Inc. (866) National Council on Aging (800) ClearPoint Financial Solutions (877) Neighborhood Reinvestment Corporation (888) (HECM) Greenpath (888) Money Management International, Inc. (877) CCCS of Atlanta dba CredAbility (866) Springboard (800) HomeFree (301) Agency Name: CCCS OF WEST FL - MAIN OFFICE Agency ID: Address: 14 PALAFAX PLACE PENSACOLA, FL Phone: (850) ext 206 Website: State and Local Counseling Agencies Agency Name: FAMILY COUNSELING CENTER OF BREVARD, INC Agency ID: Address: 840 BREVARD AVE ROCKLEDGE, FL Phone: (321) Website: Agency Name: HOUSING AND NEIGHBORHOOD DEVELOPMENT SERVICES OF CENTRAL FLORIDA, INC. Agency ID: Address: 1707 ORLANDO CENTRAL PKWY, SUITE 305 ORLANDO, FL Phone: (407) Website: Agency Name: CCCS OF JACKSONVILLE D/B/A FAMILY FOUNDATIONS OF NORTHEAST FLORIDA, INC. Agency ID: Address: 1639 ATLANTIC BLVD JACKSONVILLE, FL Phone: (904) Website: Agency Name: CATHOLIC CHARITIES DIOCESE OF VENICE, INC. Agency ID: Address: TH STREET WEST BRADENTON, FL Phone: (941) Website: Ì GEN110+Î Finale Document Services /12 Print Date: November 17, 2012 Page 1 of 3

5 Agency Name: TALLAHASSEE LENDERS CONSORTIUM, INC. Agency ID: Address: 224 OFFICE PLAZA TALLAHASSEE, FL Phone: (850) ext 104 Website: Agency Name: JACKSONVILLE AREA LEGAL AID, INC. Agency ID: Address: 126 W ADAMS ST JACKSONVILLE, FL Phone: (904) Website: Agency Name: H.E.L.P. COMMUNITY DEVELOPMENT CORP. Agency ID: Address: 63 E KENNEDY BLVD, SUITE 100-B EATONVILLE, FL Phone: (407) Website: Agency Name: CREDIT CARD MGMT SVCS, INC D/B/A DEBTHELPER.COM Agency ID: Address: 1325 N CONGRESS AVE, STE 201 WEST PALM BEACH, FL Phone: (800) Website: Agency Name: NATIONAL FOUNDATION FOR DEBT MANAGEMENT Agency ID: Address: TH ST N CLEARWATER, FL Phone: (866) Website: Agency Name: DEBT MANAGEMENT CREDIT COUNSELING CORP Agency ID: Address: 3310 NORTH FEDERAL HIGHWAY LIGHTHOUSE POINT, FL Phone: (954) Website: Agency Name: CONSUMER CREDIT MANAGEMENT SERVICES, INC Agency ID: Address: 315 NE 2ND AVE DELRAY BEACH, FL Phone: (561) Website: Agency Name: TRINITY EMPOWERMENT CONSORTIUM, INC. Agency ID: Address: SW 280TH ST, STE 206 HOMESTEAD, FL Phone: (305) Website: Agency Name: HOUSING FOUNDATION OF AMERICA Agency ID: Address: 2400 N UNIVERSITY DRIVE, # 200 PEMBROKE PINES, FL Phone: (954) Website: Ì GEN110+Î Finale Document Services /12 Print Date: November 17, 2012 Page 2 of 3

6 Agency Name: CONSOLIDATED CREDIT COUNSELING SERVICES, INC. Agency ID: Address: 5701 WEST SUNRISE BLVD PLANTATION, FL Phone: (800) Website: The undersigned hereby acknowledges receipt of this list of HUD Approved HECM Counseling Agencies provided by the Lender, that we may use to choose, at our discretion and of our choice, a prospective Counseling Agency from. Ì GEN110+Î Finale Document Services /12 Print Date: November 17, 2012 Page 3 of 3