Reverse Borrowers

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Information about Reverse Borrowers
Economy & Finance

Published on October 1, 2014

Author: mortgagemoneystar



Find out how to qualify for a reverse mortgage and how to use the equity in your home to help you retire in comfort!

TThhee RReevveerrssee MMoorrttggaaggee PPrrooggrraamm STAR MARIE DARDEN NMLS #91094 Licensed in California and Washington 619-892-5626 Email: C2 Financial Corporation NMLS #135622 10509 Vista Sorrento Parkway Ste. 200 San Diego, California Solid Information Clear Communication Reliable Performance

TThhee RReevveerrssee MMoorrttggaaggee RReeffiinnaannccee For better cash flow and Quality of Life Could You Benefit from Tax Free Money?

____________________________________  CCaann II lloossee mmyy hhoommee ??  WWhhaatt aabboouutt mmyy hheeiirrss ??  WWhhaatt aarree tthhee ccoossttss ??  WWhhaatt iiff rreeaall eessttaattee vvaalluueess ddrroopp ??  WWhhaatt iiff mmyy nneeeeddss cchhaannggee ??  WWhhaatt iiff II oorr mmyy ssppoouussee,, nneeeedd ttoo mmoovvee ttoo aa mmaannaaggeedd ccaarree ffaacciilliittyy ?? View slide

____________________________________  Before HHUUDD // FFHHAA RReegguullaattiioonn ((11sstt RR//MM’’ss 11993300’’ss))  FFiinnaanncciiaall PPllaannnneerrss && AAnnnnuuiittiieess ((RRAAMM llooaannss 11998800’’ss))  EEqquuiittyy SShhaarriinngg  NNeeww CCoonnssuummeerr PPrrootteeccttiioonnss ((11sstt HHEECCMM llooaann 11998899))  FFHHAA IInnssuurreedd && RReegguullaatteedd  NNeeww OOppttiioonnss // FFlleexxiibbiilliittyy View slide

TThhee RReevveerrssee MMoorrttggaaggee PPrrooggrraamm Enables homeowners age 62 and older to use equity in their homes and receive tax-free money: without having a Monthly Mortgage Payment! No repayment until the home is no longer your principal residence. No income, asset, employment or credit requirements to participate. (subject to change in the future )    ____________________________________

EElliiggiibbiilliittyy ________________________________________ 62 years of age or older. (Trusts, Guardianships, DPOA’s) Own home free and clear or have low mortgage balance. Occupy property as principal residence. (1-4 units, Town Homes, manufactured homes. Mobile Homes are Ineligible.) Attend a mandatory informational session with a HUD-Approved counseling agency.    

Some BBeenneeffiittss ooff tthhee MMoorrttggaaggee The homeowner retains title and ownership of their home Cash withdrawls can be used for any purpose Tax-free money will not affect Social Security or Medicare benefits - It may affect Medicaid eligibility in some cases    ________________________________________

PPrreeddoommiinnaanntt UUsseess ffoorr LLooaann PPrroocceeeeddss ________________________________________ Everyday living expenses Property Taxes & Homeowner’s Insurance College $ for grandkids Medical and Life Insurance Retrofitting for Disabilities and Accessibility Medical Expenses – Medications, In Home Care etc.  Senior Care Facilities for a spouse Financial Planning       

Typical Uses for HHoommee EEqquuiittyy CCoonnvveerrssiioonnss Hospital/Health Care Costs Repay existing mortgages Reduce burden on children Home repair/Improvement Pay property taxes Daily expenses Travel, Something special Gifts 67% 55% 50% 50% 38% 29% 14% 3% AAss ppuubblliisshheedd bbyy AAAARRPP//HHUUDD

HOW MUCH MONEY WILL II BBEE EELLIIGGIIBBLLEE FFOORR?? How Much You Will Be Eligible For ? Depends Primarily On Four Factors: •The Age of the Youngest Borrower •The Value of Your Home •The Current Interest Rates •Location of the Home

TTaaxx-FFrreeee MMoonneeyy OOppttiioonnss ________________________________________ Lump Sum Advances - make cash immediately available Tenure plans provide fixed monthly income advances until age 100 or maturity event A Line of equity Credit makes cash available at borrowers request (can grow over time)     Term plans provide fixed monthly cash advances for a preset period of time (10 or 20 yrs. for example)  Modified plans provide any combination of the three (greater control for future needs)

CCoonnssuummeerr PPrrootteeccttiioonnss ________________________________________ Non-Recourse – Never owe more than the value of your home. No other assets or collateral involved. TThhiiss iiss wwhhyy yyoouu aarree ppaayyiinngg ffoorr MMoorrttggaaggee IInnssuurraannccee No Prepayment Penalty ARM or Fixed Loans Three Day “Right of Recission” on refinances Advance Disclosures Third Party Counseling     

CCoonnssuummeerr IInntteerreesstt iinn PPrrooggrraamm ________________________________________ Older Consumers Adult Children of Seniors Senior Service Professionals Attorneys CPA’s Financial Advisors       AARP has published many informational articles about Reverse Mortgages

For an Enhanced Quality of Life AA RReevveerrssee MMoorrttggaaggee Can Be An Alternative Senior Cash Flow Source FFoorr yyoouurr FFRREEEE PPeerrssoonnaall AAnnaallyyssiiss SSTTAARR MMAARRIIEE DDAARRDDEENN AAllwwaayyss ggooiinngg tthhee eexxttrraa mmiillee !! 619-892-5626 866-550-8326

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